- TripActions — a fast-growing business travel and spend management platform — announced it has raised $155 million in Series E growth funding. These are the details.
TripActions — a fast-growing business travel and spend management platform — announced it has raised $155 million in Series E growth funding. And TripActions’ Series E round was led by existing investor Andreessen Horowitz; Addition, founded by Lee Fixel; and investor Elad Gil.
Existing investors Zeev Ventures, Lightspeed Venture Partners, and Greenoaks Capital also participated. The funding — which increases the company’s valuation to $5 billion — will be used to deliver a seamless, all-in-one travel, and spend management platform to help get the world back to business.
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. And since March, TripActions has launched more than 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.
Heading into 2021, enterprises are increasingly looking for cloud-based and scalable solutions that can support global travelers with a consumer-like user experience, and finance teams with real-time data and insights.
The company’s investors, customers, and travelers have consistently believed in the company’s vision and helped them scale into a global enterprise organization 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.
Including this round of funding, TripActions has raised over $790 million in funding to date.
KEY QUOTES:
“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. 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.”
— Ariel Cohen, co-founder & CEO, TripActions
“2020 tested us all like no other, but the team came together, focusing on customers’ needs with new product capabilities to ensure traveler safety, drive cost savings and efficiently manage global T&E programs. 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.”
— Ilan Twig, co-founder & CTO, TripActions
“We’ve always looked to innovation to drive business forward. In TripActions, we’ve found a partner that aligns with that forward-thinking ideology, providing our employees with a great product that they actually enjoy using. Because of that end-user focus, we’ve been able to reduce expense report volume, minimize time on manual reconciliation and travel expense monitoring — and instead, focus on how Lyft’s travel spend contributes to the company’s growth.”
— Michael Chan, Procurement Operations Manager at Lyft
“We’re proud to continue our partnership with TripActions — a platform loved by enterprises, finance teams, and their employees alike. We look forward to TripActions’ continued modernization of the corporate travel experience.”
— David George, general partner, a16z
