TripActions, a corporate business travel booking platform, announced it raised $250 million in Series D funding led by Andreessen Horowitz (a16z). Zeev Ventures, Lightspeed Venture Partners, and Group 11 (formerly known as SGVC) also joined this round. Including this round of funding, TripActions has raised over $480 million to date.
With this round of funding, TripActions has seen its valuation increase to $4 billion. And TripActions has grown five times year-over-year. TripAction’s primary source of revenue is the $25 trip fee it charges companies whenever an employee books trips. And TripActions receives a commission from its hotel and flight partners. And the company plans to use the funding to solve the antiquated product, service, and experience of the corporate travel management industry.
“When we started TripActions, we put the traveller first, working to solve all of the pains of work travel that we experienced as road warriors,” said TripActions co-founder and CEO Ariel Cohen. “We wanted to give enterprises and their travellers a far better option than the status quo and hopelessness of using the same outdated and frustrating corporate travel platforms they’d always used.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.”
With this round of funding, TripActions is planning to accelerate growth into global enterprise accounts and continue to deliver the best business travel experience by accelerating customer-driven innovation of its enterprise-grade platform, double down on its global fulfilment and strategic partnerships, and continue its rapid global expansion in support of its growing customer base.
TripActions currently manages over $1.1 billion in annual travel budgets. And the company has helped more than 2,000 customers around the world including WeWork, Lyft, SurveyMonkey, Chubbies, Marine Layer, Complex Networks and Sara Lee Frozen Bakery. And TripActions has been able to reduce the average booking time from 60 minutes down to six while achieving unprecedented corporate travel program results, including more than 90% traveller adoption, 93% traveller satisfaction, and up to 34% savings on lodging alone.
“As founders, we wanted to create a company where we’d both be happy, excited and proud to work, with a mission-driven culture focused on the user—all of them, all the time,” added TripActions co-founder and CTO Ilan Twig. “We believed we could change the industry by building an end-to-end business travel platform that was the best in the world, underpinned by the best product, service, and experience. Through our hyper-growth, our mission remains the north star for our business. It’s a privilege to help our customers and users turn travel into a strategic lever for growth.”
TripActions is going to build on the momentum of its Next Gen Storefront (NGS) deployment, New Distribution Capability (NDC) launch, and free in-app flight changes. And the company is going to further invest in its platform, products, and services for providing even more value to enterprises and road warriors, including its VIP Luxe service for supporting executives and their Executive Admins, the Corporate Meetings & Events offering, and its robust reporting and analytics for helping enterprises maximize the value of their travel programs.