Industry-leading corporate T&E management platform TripActions announced a $155 million Series E fundraising round at a $5 billion post-money valuation. The latest round of funding will be used to advance R&D as TripActions continues to build new features and capabilities that define the future of work for global enterprise customers.
Rather than squash innovation, COVID-19 accelerated the TripActions team’s development of a travel and spend management solution that serves enterprise customers looking to better manage spend control while providing their employees with a modern intuitive user experience.
Since March, the TripActions team launched 40+ major new product enhancements and capabilities including an industry-leading COVID-19 dashboard, reimagined spend analysis dashboard, enhanced traveler safety reporting, automated unused ticket technology, TripActions Liquid Expense and TripActions Enterprise Edition.
In that time, 700+ customers joined the platform, recognizing the opportunity to upgrade their travel and spend management partner for a new reality.
The Era of No Expenses
Integral to the new way of working is modern spend management.
Launched in February 2020, TripActions Liquid gives companies one place to control, manage and track business spend while providing employees with an easy, instant way to pay for what they need. With physical and virtual cards, smart approval workflows, automated expensing and centralized billing, TripActions Liquid streamlines the entire process for business spend.
More prescient than ever before, TripActions Liquid also helps companies manage a distributed workforce and empower employees to spend company money in a way that is simple and efficient while also maintaining visibility and close control.
Heading into 2021, TripActions will continue to build out TripActions Liquid capabilities and features, such as ERP integrations announced earlier this month, which enables finance teams to quickly close books and get greater visibility into spend.
The Future of Corporate Travel
TripActions was built to power in-person connections, which have proved to be even more critical to business growth and success now that we’ve experienced the fatigue and disconnection caused by virtual-only communication. TripActions leadership is confident in business travel’s return and expect it to return to 75% within the next year as well as exceed pre-COVID levels in the near future as a result of a more distributed workforce.
TripActions investors agree.
TripActions Series E funding round was co-led by Andreessen Horowitz; Addition Ventures, founded by Lee Fixel; and angel investor Elad Gil of Cosmic Capital, and with participation from existing investors Zeev Ventures, Lightspeed Venture Partners, and Greenoaks Capital. They continue to believe in the TripActions vision of a comprehensive, unified solution for travel and spend management—all from a single, trusted partner. They have helped TripActions scale into a global enterprise organization that is trusted to manage more than $3.6 billion in travel budget annually for 4,000+ customers.
TripActions is constantly innovating to meet the needs of its 4,000+ customers. With the rise of remote work, TripActions will build features for distributed teams to meet in-person more easily.
“Travel will return, and though the future of work may look different, there is still nothing that can replace in-person connections," David George, Andreessen Horowitz general partner andTripActions investor, told Business Insider after the funding was announced.
Where TripActions is Headed
The demand for a travel and spend management provider that can quickly innovate and help businesses better control spend is clear. The TripActions customer base in Europe has grown considerably in the past year as global corporations took advantage of the temporary lull in travel to upgrade their platforms.
As Jonny Bryan, Chief of Staff at Unit4, tells it, “We grabbed the opportunity to make the switch to TripActions so we would have a new modern T&E platform for our people when we came out of the pandemic.”
The value of TripActions comes from taking an integrated approach to T&E. With the best online booking tool, travel agent service and now payments AND expense solution, TripActions is the only end-to-end T&E management platform built to efficiently manage the entire T&E and business spend ecosystem.
TripActions is looking forward to 2021 and beyond. #LetsGo