Traveltech company TripActions raises $155 million at a $5 billion valuation
Andreessen Horowitz led the round in the Israeli founded startup which weathered Covid-19 and the disruption to global travel
TripActions Inc., a cloud-based corporate travel and expense management platform, announced Thursday that it has raised a $155 million series E funding round led by Andreessen Horowitz (a16z), with participation by new investors Addition and Elad Gil, the former Vice President, Corporate Strategy at Twitter who has also invested and advised the likes of Airbnb and Coinbase. Existing investors Lightspeed, Zeev Ventures and Greenoaks Capital also participated in the round. TripActions has raised a total of $790 million to date, with Dovi Frances’ Group 11 being another of its notable investors.
The company's previous significant round came in 2019 when it raised $250 million at a valuation of $4 billion. Since the outbreak of Covid-19, the company has raised more than $500 million, including through convertible-to-IPO financing, from the likes of Silicon Valley Bank, Comerica Bank and with participation from Goldman Sachs. It also laid off hundreds of employees throughout 2020 because of the dramatic slowdown in global travel due to the pandemic.
"I'm very happy that we succeeded in growing during this challenging time thanks to the great loyalty of our clients and our devoted team," said CEO and co-founder Ariel Cohen. "Despite what happened during 2020, we experienced an accelerated adoption by companies of all sizes from all industries and increased the deals we facilitated to more than $3.6 billion, adding our biggest contracts to date."
During the past year, TripActions has launched 40 new products, including a Covid-19 focused dashboard and additional products that hep organizations to better run their business expenses and travel during current restrictions.
TripActions was founded in 2015 by Cohen and Chief Technology Officer Ilan Twig. "2020 was a testing year the likes of which our industry has never previously experienced, but our team gathered itself up and focused on the new needs of our clients who wanted safe travel, lower costs and to have the ability to fully manage all travel and business expenses," added Twig.