TripActions takes ‘action’ to get the world back on business ‘trips’; raises €127.3M

Israeli-founded but Palo Alto, California-based TripActions is a booking and management platform that offers enterprises real-time data, automated reporting, and insights into business travel and expenses. It has raised a whopping $155M (approx €127.3M) in its series E round of funding.

With this funding, the company is now valued at $5B (approx €4.1B), which is up from the $4B (approx €3.2B) valuation at its series D round 18 months ago.

Investors in this round

The round was co-led by existing investor Andreessen Horowitz; Addition, founded by Lee Fixel; and investor Elad Gil.

In addition, other previous backers joined as well, such as Zeev Ventures, Lightspeed Venture Partners and Greenoaks Capital.

“While COVID-19 has challenged the entire travel industry, we are grateful to be emerging during this trying time well-positioned thanks to our customers and the dedication of the TripActions team,” says Ariel Cohen, co-founder & CEO, TripActions. “Despite the events of 2020, we’ve seen accelerated adoption by companies of all sizes and industries, growing our book of business to over $3.6 billion, and adding our largest accounts to-date.”

Use of the funds

“2020 tested us all like no other, but the team came together, focusing on customers’ needs with new product capabilities to ensure traveller safety, drive cost savings and efficiently manage global T&E programs,” says Ilan Twig, co-founder & CTO of TripActions.

“With this new funding, we’re excited to deliver even more innovation to our customers over the coming months, including expanding our best-in-class, modern travel and spend management platform following the recent launch of TripActions Liquid Expense.”

The capital will help provide a seamless, all-in-one travel and spend management platform to help get the world back to business, claims the company. 

About TripActions

In 2015, after years of experiencing firsthand the pitfalls of business travel, Ariel Cohen and Ilan Twig created TripActions, which is an AI-driven corporate travel management platform.

Since last year, the company has introduced more than 40 new product enhancements and capabilities, including an industry-leading COVID-19 dashboard, reimagined spend analysis dashboard, enhanced traveller safety reporting, automated unused ticket technology, TripActions Liquid Expense, and TripActions Enterprise Edition.

Recent growth

“TripActions has seen rising demand from companies looking to partner with a travel and spend management provider that can quickly innovate and help businesses better control spend,” TripActions co-founders Ariel Cohen and Ilan Twig mention in a blog post. The company says it manages corporate travel budgets totalling more than $3.6B (approx €2.95B) for 4,000-plus customers, including Box Inc., Lyft Inc. and other major tech companies.

In June 2020, TripActions announced that it has expanded its European rail offering by partnering with Trainline for Business and GDS suppliers to offer the ability to book on the Eurostar, UK Rail, Deutsche Bahn, Amtrak, SNCF and Thalys.

Reportedly, the company plans to increase European headcount by 30 per cent, fully doubling the headcount in London.

Previous fundraise

In June 2020, the company raised $125M (approx €102.6M) in convertible-to-IPO financing. The round was led by Greenoaks Capital with participation from Vista Credit Partners, the credit-lending arm of Vista Equity Partners.

Prior to that in June 2019, TripActions raised $250M (approx €205.3M) in its Series D round of funding led by Andreessen Horowitz with participation from Zev Ventures, Lightspeed Venture Partners and Group 11 (fka SGVC).

In November 2018, the corporate travel management company raised $154M (approx €126.4M) in Series C round of funding led by Andreessen Horowitz. The round also saw previous investors including Lightspeed Venture Partners, Zeev Ventures and SGVC. In addition, Andreessen Horowitz, Ben Horowitz joined the company’s Board of Directors.

And in March 2018, it raised $51M (approx €41.8M) in Series B round led by Arif Janmohamed, Partner at Lightspeed Venture Partners and joined by Oren Zeev of Zeev Ventures.