Corporate travel booking and management company TripActions today announced the close of a $250 million funding round that raises its valuation to $4 billion. Andreessen Horowitz led the round, with participation from Zeev Ventures, Lightspeed Venture Partners, and Group 11.
This series D follows a $154 million round in November 2018 that was also led by Andreessen Horowitz and brought the company’s valuation to $1 billion.
“We still have most of the funds from our previous round, but we want to begin to accelerate everything, to accelerate development of our enterprise-grade product, to grow globally even faster,” TripActions CEO and cofounder Ariel Cohen told VentureBeat in a phone interview.
TripActions takes a mobile-first approach, employs user activity monitoring to minimize clicks, and taps machine learning that ranks booking search results based on a user’s previously stated preferences. The company credits this approach with its 90% adoption rates within companies that use its service.
TripsActions’ solution can provide central billing for administrators and reduce planning for the majority of business trips down to a matter of minutes, cofounder and CTO Ilan Twig told VentureBeat. The company also provides touches clients expect from a travel program, like taking care of employees on the road.
“We are doing proactive support. We know we should reach out to you because probably something … has happened on your trip — and users love it,” he said. “It’s creating a win-win between the corporate and the employees, and that’s actually the reason we’ve been growing at a 5 times rate year-over-year.”
The company has nine offices globally — in cities like Amsterdam, London, and Sydney and in Chicago, New York, Seattle, and San Francisco in the United States.
TripActions has raised over $480 million and currently has more than 700 employees.
VentureBeatVentureBeat's mission is to be a digital town square for technical decision-makers to gain knowledge about transformative technology and transact. Our site delivers essential information on data technologies and strategies to guide you as you lead your organizations. We invite you to become a member of our community, to access:
- up-to-date information on the subjects of interest to you
- our newsletters
- gated thought-leader content and discounted access to our prized events, such as Transform 2021: Learn More
- networking features, and more