PALO ALTO — TripActions, which operates a fast-growing business travel platform, has raised $250 million in Series D funding led by Andreessen Horowitz with participation from Zeev Ventures, Lightspeed Venture Partners and Group 11 (fka SGVC).
The new round gives TripActions a valuation of $4 billion and the company has raised more than $480 million to date.
“We’re proud to have TripActions—a platform loved by enterprises and their employees alike—as a cornerstone investment in our new late stage venture fund,” said David George, general partner, a16z. “With its combination of the most advanced global infrastructure and unmatched customer support, it’s no wonder TripActions has achieved hyper growth while maintaining a remarkable 93% traveler satisfaction. If an organization isn’t on TripActions, it will be soon as there’s nothing that comes close in business travel.”
“When we started TripActions, we put the traveler first, working to solve all of the pains of work travel that we ourselves experienced as road warriors,” said Ariel Cohen, co-founder & CEO, TripActions. “We wanted to give enterprises and their travelers a far better option than the status quo and hopelessness of using the same outdated and frustrating corporate travel platforms they’d always used. Thanks to our investors, partners and suppliers who believed in our vision; our employees who passionately put the user first in everything they’ve done; and most importantly our customers who have trusted us with their travel programs; TripActions is fast becoming the default for business travel.”
Delivered within a powerful, easy-to-use mobile-first interface, TripActions manages more than $1.1 billion in annual travel budget, helping more than 2,000 customers around the world—including WeWork, Lyft, SurveyMonkey, Chubbies, Marine Layer, Complex Networks and Sara Lee Frozen Bakery—reduce average booking time from 60 minutes down to six while achieving unprecedented corporate travel program results, including more than 90% traveler adoption, 93% traveler satisfaction and up to 34% savings on lodging alone.
TripActions plans to use this new capital to accelerate growth into global enterprise accounts while continuing to deliver the best experience in business travel by:
- Accelerating customer-driven innovation of its enterprise-grade platform, products and services: Building on the momentum of its Next Gen Storefront (NGS) deployment, New Distribution Capability (NDC) launch, and free in-app flight changes, TripActions will further invest in its platform, products and services to provide even more value to enterprises and their road warriors, including its VIP Luxe service to support executives and their Executive Admins, its Corporate Meetings & Events offering, and its robust reporting and analytics to help enterprises maximize the value of their travel programs.
- Doubling-down on global fulfillment and strategic partnerships: TripActions will further invest in its global fulfillment, supplier relationships and NDC footprint to continue to give users unrivaled choice in flight, rail, lodging and rental car inventory. The company will also add integrations, go to market partnerships and reseller relationships that extend the power of TripActions to new and broader audiences.
- Continuing its rapid global expansion in support of its growing customer base: TripActions now has more than 700 employees across nine offices globally, including in Amsterdam, Chicago, Dallas, London, New York, Palo Alto, San Francisco, Seattle and Sydney. The company will continue to invest in its global operations to support enterprises and their employees traveling from, to and within APAC, EMEA and the Americas.