Business travel platform TripActions has announced it has raised $250 million in Series D funding, bringing the company’s valuation to $4 billion.
The round was led by Andreessen Horowitz, with participation from Zeev Ventures, Lightspeed Venture Partners and Group 11 (fka SGVC). TripActions will use the funds to boost growth into global enterprise accounts while continuing to deliver the best experience 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,” Ariel Cohen, co-founder & CEO of TripActions, said in a press release. “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to give enterprises and their travelers a far better option than the status quo and hopelessness of using the same outdated and frustrating corporate travel platforms they’d always used.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.”
TripActions manages more than $1.1 billion in annual travel budgets, with more than 2,000 customers around the world, including WeWork, Lyft, SurveyMonkey, Chubbies, Marine Layer, Complex Networks and Sara Lee Frozen Bakery. Its service reduces average booking time from 60 minutes down to six, as well as resulting in more than 90 percent traveler adoption, 93 percent traveler satisfaction and up to 34 percent savings on lodging.
“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 at a16z. “With its combination of the most advanced global infrastructure and unmatched customer support, it’s no wonder TripActions has achieved hypergrowth while maintaining a remarkable 93% traveler satisfaction. If an organization isn’t on TripActions, it will be soon — there’s nothing that comes close in business travel.”
“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 Ilan Twig, co-founder and CTO of TripActions. “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 hypergrowth, 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.”