TripActions Announces $155M in New Funding to Help Get the World Back to Business
It is with great joy that we share the news that TripActions has raised $155 million in Series E funding at an increased valuation of $5 billion to deliver a seamless, all-in-one travel and spend management platform to help get the world back to business.
We’ve been incredibly fortunate to have the support of a fantastic group of investors. Our Series E round was led by existing investor Andreessen Horowitz; Addition, founded by Lee Fixel; and investor Elad Gil. Participation came from existing investors Zeev Ventures, Lightspeed Venture Partners, and Greenoaks Capital.
Our investors, customers and travellers have consistently believed in our vision and helped us scale into a global enterprise organisation that is trusted to manage more than $3.6 billion in travel budget annually by more than 4,000 customers of all sizes and industries around the world.
Similarly, our partners and suppliers saw how we were different from other Travel Management Companies (TMCs) by putting the traveller first. We were and remain fortunate that thousands of airline, lodging, car and rail partners have joined us on this incredible journey. With their support, we’re pleased to offer travellers an unparalleled inventory choice, which has played a key role in our industry-exceeding platform adoption.
It’s no secret that 2020 was tough — on TripActions, on the travel industry, on our customers, on the world. And the world that is emerging from the pandemic is not the same as it was pre-COVID. We’ve spent the past year focusing on building new product capabilities to ensure traveller safety, drive cost savings and efficiently manage global T&E programs.
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. Since March, TripActions has launched more than 40 major new product enhancements and capabilities, including an industry-leading COVID-19 dashboard, a reimagined spend analysis dashboard, enhanced traveller safety reporting, automated unused ticket technology, TripActions Liquid Expense and TripActions Enterprise Edition.
We’re incredibly proud of the TripActions team, the talent of which is second to none. Our people are the smartest, most passionate and talented people we’ve ever had the pleasure of working with. They live our mission to deliver the best experience in business travel every day, in every decision. We believe travel — both business and leisure — is personal. Being there in-person matters. And it’s inspiring, invigorating and incredibly rewarding to be surrounded by such amazing people.
And speaking of amazing people, our customers and users have been tremendous advocates from day one, openly sharing their needs, insights and feedback to help us continually raise the bar. Through it all, it remains an honor and a privilege to earn our customers’ and users’ trust every day by helping them turn travel into a strategic lever for growth.
Thank you and safe travels,
Ariel Cohen and Ilan Twig