TripActions, the fastest-growing business travel and spend management platform, today announced it has raised $155 million in Series E growth funding. TripActions’ Series E round was led by existing investor Andreessen Horowitz; Addition Ventures, founded by Lee Fixel; and investor Elad Gil. Participation came from existing investors Zeev Ventures, Lightspeed Venture Partners, and Greenoaks Capital. 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.
“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,” said Ariel Cohen, co-founder & CEO, TripActions. “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.”
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, reimagined spend analysis dashboard, enhanced traveler safety reporting, automated unused ticket technology, TripActions Liquid Expense and TripActions Enterprise Edition.
“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,” said Ilan Twig, co-founder & CTO, TripActions. “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.”
We’ve always looked to innovation to drive business forward,” said Michael Chan, Procurement Operations Manager at Lyft. “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.”
Heading into 2021, enterprises are increasingly looking for cloud-based, scalable solutions that can support global travelers with a consumer-like user experience, and finance teams with real-time data and insights.
Our investors, customers and travelers have consistently believed in our vision and helped us 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.
“We’re proud to continue our partnership with TripActions — a platform loved by enterprises, finance teams, and their employees alike,” said David George, general partner, a16z. “We look forward to TripActions’ continued modernization of the corporate travel experience.”