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Business travel startup TripActions raises $275M to revolutionize the corporate travel management industry; now valued at $7.25 billion | Tech News | Startups News

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While technology has disrupted and transformed the travel and tourism industry, corporate travel, for example, is still plagued with antiquated products and services. Unlike personal travel, corporate travel has many limitations. And one startup is on a mission to revolutionize the sector by helping companies streamline elements of business travel like payments, rentals, and bookings.

Enter TripActions, a Palo Alto, California-based tech startup that provides a travel platform to bring the best experience in business travel to more enterprises globally. We covered TripActions back in 2019 after the startup raised $250 million in Series D funding led by Andreessen Horowitz. Since then, the company has experienced exponential growth.

Today, TripActions announced it has raised $275 million in fresh funding, its second major fundraising event announced this year. The round was led by San Francisco-based venture capital firm Greenoaks. The six-year-old startup is now valued at $7.5 billion, making it a member of the highly coveted unicorn club.

Founded in 2015 by Ariel Cohen and Ilan Twig, TripActions is a business travel platform that combines the latest AI-driven personalization with unrivaled inventory and 24×7 365 live human support to delight employees, finance leaders, and travel managers alike—all while empowering organizations to seize travel as a strategic lever for growth.

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Between February last year to the end of July this year, the company more than doubled its travel budget under management – the number of travel companies book through TripActions. The startup made a strong comeback from a sharp downturn in business due to the coronavirus pandemic last year that forced it to lay off a quarter of its staff.

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TripActions has raised $780 million over the course of the pandemic, the company said. Last year the company launched a credit card called TripActions Liquid and built an expenses platform that makes it possible for employees to never file an expense report again.

Today, Actions manages more than $1.1 billion in annual travel budget, helping more than 2,000 customers around the world—including WeWork, Lyft, SurveyMonkey, Chubbies, Marine Layer, Complex Networks and Sara Lee Frozen Bakery—reduce average booking time from 60 minutes down to six while achieving unprecedented corporate travel program results, including more than 90% traveler adoption, 93% traveler satisfaction and up to 34% savings on lodging alone. The company competes with American Express Global Business Travel and Concur Travel.

 


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