Business travel platform TripActions scores $250 million in funding

Friday, 28 Jun, 2019 0

Business travel platform TripActions has secured significant funding of $250 million in its latest round, taking the firm’s valuation to about $4 billion.

The Series D round was led by Andreessen Horowitz along with Zeev Ventures, Lightspeed Venture Partners and Group 11, which will go toward accelerating its growth trajectory into global enterprise accounts and enhance the business travel experience for its customer base.

TripActions says it streamlines the average booking time from 60 minutes down to only six while achieving savings of up to 34% on lodging alone.

"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," said Ariel Cohen, TripActions co-founder and CEO.

"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to give enterprises and their travelers a far better option than the status quo and hopelessness of using the same outdated and frustrating corporate travel platforms."

TripActions offers an easy-to-use mobile-first interface and manages more than $1.1 billion in annual travel spend across more than 2,000 customers around the world.

These include top-tier brands like WeWork, Lyft, and SurveyMonkey.

It now has more than 700 employees across nine offices globally including London and Sydney, and the cash injection will also help grow its team in the EMEA region.

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