Business travel platform TripActions has raised US$250 million in Series D funding, bringing its valuation to $4 billion.
Led by venture capital firm Andreessen Horowitz with participation from Zeev Ventures, Lightspeed Venture Partners and Group 11, TripActions says the funds will help it improve the experience of corporate travel management.
TripActions claims to manage $1.1 billion in annual travel budget with more than 2,000 customers including WeWork, Lyft and SurveyMonkey, among others. It says the platform has reduced average booking time from 60 minutes to six while achieving 90 per cent adoption, 93 per cent traveller satisfaction and up to 34 per cent savings in the lodging category.
The firm plans to use the extra funding on initiatives such as accelerating innovation and investment in its platform, products and services. This includes VIP Luxe to support executives and their assistants, its Corporate Meetings & Events offering and its reporting and analytics tools.
TripActions will also invest in its global fulfilment, supplier relationships and New Distribution Capability - a new system of technology standards to allow the distribution of airfares and ancillaries through third parties which is being developed by airline association IATA with... footprint to continue to give more choice to travellers and will add integrations and new partnerships to reach a broader audience.
Lastly, the team plans to continue its global expansion, especially within the APAC, EMEA and Americas regions. TripActions currently has more than 700 employees across nine offices in Amsterdam, Chicago, Dallas, London, New York, Palo Alto, San Francisco, Seattle and Sydney.
Co-founder and CEO Ariel Cohen (pictured, left) said: “When we started TripActions, we put the traveller first, working to solve all of the pains of work travel that we ourselves experienced as road warriors. We wanted to give enterprises and their travellers a far better option than the status quo and hopelessness of using the same outdated and frustrating corporate travel platforms they’d always used.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 programmes; TripActions is fast becoming the default for business travel.”
Ilan Twig, co-founder and CTO (pictured, right), added: “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. 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 hyper growth, 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.”