TripActions Now Valued at $7.25B After $275M Funding Round

Corporate Travel

TripActions Inc. is now valued at $7.25 billion after a recent $275 million funding round, as the corporate travel market continues to limp back to pre-pandemic levels. Although more companies are allowing employees to fly, they are traveling nowhere near as often as they did before the COVID-19 outbreak.

The technology startup, which was founded in 2015 and serves as a corporate travel manager, is no stranger to raising money to support its operations and future initiatives. The company brought in $155 million in a January funding round and has raised about $1.3 billion since its launch six years ago, according to a Bloomberg report on Wednesday (Oct. 13).

Greenoaks Capital Management LLC led TripActions’ latest fundraising round. They were joined in the investment effort by Base Partners and entrepreneur Elad Gil.

TripActions’ booking volumes have actually exceeded the levels before the pandemic because of the company’s increased market share since the spring of 2020. The company has seen 500% growth in transactions and 400% growth in active users in the past six months for the TripActions Liquid spending management platform, which the company says aims to trim the time required to process expense reports related to corporate travel.

Menlo Park, California-based TripActions manages travel and expense reports for more than 5,000 corporate clients.

Related news: TripActions Debuts Savings Suite for Corporate Travel

In May, TripActions debuted a new savings suite to help corporates access discounts, cost controls and other tools called “Hello, Savings.” It includes the automated transfer of unused tickets to employees who are with the company when travel picks back up, even if the original traveler has left, with about $10 billion tied to COVID-19-related trip cancellations.

Hello, Savings also automates the application of credits to charge fees and seat upgrades, among other corporate travel perks. It also includes a price-to-beat feature that scours the available inventory to find the right match for the prospective traveler. Members also get exclusive discounts on hotels, cars and flights.