Corporate Travel Startup TripActions Raises $155M, Valued At $5B
TripActions, a well-known corporate travel startup, has raised a Series E funding round of $155 million that values it at…
TripActions, a well-known corporate travel startup, has raised a Series E funding round of $155 million that values it at $5 billion, it’s announced. The new round was led by existing investor Andreessen Horowitz and new investors Addition Ventures and investor Elad Gil. It also saw participation from Zeev Ventures, Lightspeed Venture Partners, and Greenoaks Capital.
The new round values TripActions at $5 billion, up from $4 billion at the time it last raised private funding before now. It comes at a time when TripActions has had to adjust largely to a Covid-19 pandemic that in its early months wrecked corporate travel. In fact, TripActions saw its business dwindle and had to raise an urgent $125 million lifeline round in June 2020.
Now, corporate travel has gradually begun to recover, making TripActions’ business more stable. Since March 2020, the company pushed to launch 40 new product features, including a Covid-19 dashboard for travelers, safety reporting, and enhanced expense analysis.
“2020 tested us all like no other, but the team came together, focusing on customers’ needs with new product capabilities to ensure traveler safety, drive cost savings and efficiently manage global T&E programs,” TripActions’ co-founder & CTO Ilan Twig said in a press statement.
With its new round, TripActions has now raised a total of over $790 million in venture funding, making its mark as one of the highest-funded corporate travel startups globally.