Palo Alto, California-based integrated travel provider and expense management tool TripActions has raised $300 million Series G at a $9.2 billion post-money valuation. The fresh funding is a combination of $154 million in equity and $150 million in a structured capital transaction led by Coatue.
The $154 million equity round came from investors, including returning investors Andreessen Horowitz and Premji Invest.
The funding announcement comes on the heels of a rumored confidential IPO, as the platform saw a more than 7.5-fold increase in spending volume and a more than five-fold increase in gross bookings year on year in its most recent fiscal quarter, which began shortly after pandemic-induced travel restrictions began to ease.
Ben Horowitz, co-founder and general partner at Andreessen Horowitz, said, “From the start, TripActions revolutionized business travel by automating, personalizing and professionalizing the experience. Despite a pandemic that brought business travel to a standstill, the company doubled down on innovation and now those bets are paying off in a big way.”
Last October, the startup raised $275 million in a Series F round led by Greenoaks Capital at a valuation of $7.25 billion. beSUCCESS reported in May that it was in talks to raise funding at a $9 billion valuation.
As it continued to make headlines, the company filed confidentially to go public late last month, aiming for a $12 billion valuation in Q2 next year.
Three years three financing round and a billion-dollar business
TripActions was founded in 2015, and this is the company’s third funding round in three years. Its final round was held in October 2021. The TripActions platform includes dynamic travel policy, real-time reporting with benchmark data, traveler incentive programs, and built-in spend controls.
Ariel Cohen, CEO of TripActions, stated that the funding demonstrates the strength of the business model.
“At a time when companies are more focused than ever on controlling expenses, TripActions saves enterprise companies money by aligning employees’ incentives with the business,” said Dan Rose, Chairman at Coatue Ventures.
“All road warriors have experienced the pain of booking flights, making last-minute changes, and submitting expenses. TripActions is bringing modern software to make all of this more seamless,” Rose says.
The latest funding will be used to continue the company’s global expansion, including the launch of its card-led automated expense management platform TripActions Liquid in Europe over the last year. It will also help the company with recent acquisitions, such as Reed & Mackay in the United Kingdom in May previous year and Comtravo earlier this year.
TripActions has over 2,500 employees spread across nearly 60 global offices as of the end of July 2022.
