TripActions Earns $7.25B Valuation on its Journey to Create a New Category of T&E
Ilan and I started this journey 6.5 years ago looking to challenge an antiquated industry with a new business model: one that was faster, more efficient; one that innovated solutions for both companies and employees.
And we did that. First, we created a world-class corporate travel management company that challenged the status quo by delivering a modern booking platform. We proved that a transparent booking fee model could be sustainable, and that there was market demand for consumer-grade solutions. We then launched TripActions Liquid, creating a truly seamless, all-in-one travel, payments and expense management solution — one that offered unparalleled visibility for customers across travel, spend, and sustainability.
Then COVID hit. Travel stopped overnight. What do you do when your revenue drops to $0?
Eighteen months later, we know: if you’re TripActions, you stay, you fight, you innovate. You double down on TripActions Liquid. You imagine what a post-COVID world will look like and you go upmarket, knowing that enterprise companies will need tech-forward solutions more than ever. You release more than 80 new product features in a year. You launch Lemonade. You lean into the mission and vision. You welcome Reed & Mackay to the team, because you know they share your mission.
We have a 20-year vision to be the best travel, payments and expense company on the planet and dominate this market. And with the best, hardest-working and most resilient team in the industry, that vision is being realized.
Today, we’re announcing our Series F round of funding, a $275M round of capital led by Greenoaks that pushes our valuation up to $7.25B. To date, we have raised nearly 1.3B — $780M of which was raised during the pandemic.
This new investment builds on the incredible traction and culture of innovation that we’ve already imbued into TripActions and promises to take us to the next level of truly unified corporate travel and spend solutions. We truly are changing the industry, and our growing ranks of customers, investors, partners and employees reflect that path.
We’d like to thank Greenoaks for leading this round of funding and for helping to create an entirely new category of corporate travel, service, and spend. Additionally, we’d like to thank Elad Gil, Base Partners, and our other investors who participated in this round. We’re also indebted to the hundreds of employees at TripActions who made this journey successful and who have signed up for a seat on this rocketship. Let’s go!
Ariel & Ilan
Co-founders, CEO and CTO