TripActions Raises $154 Million, Bringing Its Valuation To More Than $1B

TripActions announced Thursday morning that it had raised $154 million in a Series C round led by Andreessen Horowitz. Other participants included Lightspeed Venture Partners, Zeev Ventures, and SGVC.

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The company has raised a known total of $231.5 million during its lifetime, per Crunchbase. The Series C round brings the company’s valuation up to more than $1 billion, according to the company.

TripActions is a travel startup that is specifically focused on corporate travel. In particular, the startup’s software functions essentially as an online travel agency (OTR). Its app allows individuals to book travel, hotels, and cars, while the software also integrates with a company’s HR systems, providing those corporate customers with a dashboard to view expense analytics.

Per the company’s press release, it has opened seven global offices in the past year, including in Amsterdam, London, and Sydney. Its customers include Lyft and Dropbox, among others.

Taking a look at travel adjacent categories as a whole, as much as $4.5 billion has been directed toward startups in the space in 2018, according to Crunchbase. Many of those companies are focused on short-term rental management, while others, like Montreal-based Hopper, which raised $100 million in October, are aiming to use aggregated data to predict airfares.

In looking at the “business travel” category, global dollar volume for deals of known size in the space has reached $338.2 million in 2018, with the TripActions deal taking up about half of that amount. Other companies like Netherlands-based Roadmap, which raised $4.7 million Series A in May 2018, as well as L.A.-based Chrome River Technologies, which has raised $155 million in total known funding, according to Crunchbase, are also tackling corporate travel and expense reporting.

Just as machine learning and AI startups have aimed to readjust the way that individuals and companies think about automatable tasks, many startups are looking to make traditionally tedious, disconnected processes – from travel to catering to gym access – easier for both employees and HR teams.

iStock Photo / sorbetto