We have some big news.
Today, we shared that we’ve raised $154 million at a valuation over $1B. This round is led by Andreessen Horowitz, who is joined by our existing investors Lightspeed Venture Partners, Zeev Ventures and SGVC. But why did we decide to raise so soon after our recent Series B?
TripActions is the new-era corporate travel management solution that companies need now. We’re building off an incredible amount of momentum, doubling down on our exceptional platform and unheard-of-in-the-industry services so we can continue to do what we’re passionate about (and, yes, what we do better than anyone else) — deliver a technology-enabled, user-friendly business travel platform that both companies and travelers love. Just ask Lyft, Sara Lee Frozen Bakery, Dropbox, Stella and Dot or any of our other customers.
Today’s road warriors will tell you that business travel is painful. Employees waste an incredible amount of time navigating complex booking tools that deliver a horrible user experience with restricted inventory, outdated UI, no personalization and rigid policy restrictions. The experience is so frustrating that 50% of business travelers take matters into their own hands, abandoning their company’s stone-age travel solutions for more user-friendly consumer sites.
In today’s world where companies are struggling to find a competitive advantage, legacy corporate travel management platforms aren’t stepping up to the plate. When employees book outside their company’s travel platform, companies lose visibility into travel spend and are unable to deliver duty of care in the case of an emergency. With 83% of travelers spending more than an hour booking each trip and 67% of road warriors fending for themselves during a flight delay or cancellation, they’re also losing costly hours of employee productivity.
We’ve never been shy about how we’re setting sky-high standards for corporate travel — our mission is to power the in-person connections that move people, ideas and businesses forward. We know that travel plays a critical role in helping companies stay ahead of the competition. And given the vehement pain travelers and companies face, we’re committed to delivering a meaningfully better user experience.
TripActions customers see over 90% traveler adoption (against an industry norm of 50%!) and reduced friction around their travel program. Because travelers actually like using TripActions, companies enjoy simplified reporting, easier delivery of duty of care, and full visibility into their travel program with an average of 34% savings on hotel spend. Perhaps more importantly, finance leaders, travel managers and road warriors alike are reclaiming valuable hours of productivity — our machine-learning driven customization has reduced the average time to book from hours to a mere 6 minutes.
And this is only the beginning.
With this latest round of funding, we’re laser-focused on accelerating our rapid growth globally by investing heavily into our R&D efforts, strengthening our global inventory through technology-powered integrations, and delivering even faster, more personalized proactive support with our custom-built software. Simply stated, we’re doubling-down on delivering the best user experience for our customers and road warriors, all in service of making travel a powerful driver of business growth for companies around the world.
Finally, we’d like to extend a huge thank you to our customers and travelers who have trusted us with their business travel needs. We’re also grateful to our partners as well as our new and repeat investors. On behalf of the TripActions team, thank you for coming along with us on this ride and helping us make business travel a delightful experience for everyone.
Ariel Cohen, CEO and Co-founder
Ilan Twig, CTO and Co-founder