TripActions Raises $250M At $4B Valuation In Largest Round To-Date

TripActions, which focuses on making corporate travel easier, just raised $250 million in a Series D led by Andreessen Horowitz. The Palo Alto company is valued at $4 billion, it says.

Other investors in the round include Zeev Ventures, Lightspeed Venture Partners, and Group 11. The company crossed $1 billion in valuation last November when it raised $154 million in a Series C, also led by a16z.

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TripActions, founded in 2015, merges many aspects of corporate trip booking—flights, hotels, and rental cars—with expense tracking. By centralizing corporate travel under one platform, TripActions claims that corporations will save money on employee travel while also scaling travel programs to headcount faster.

“Our biggest competitor is the status quo,” CEO and co-founder Ariel Cohen tells me. “People still go to a travel agency to book their trips,”

The cash will be used to focus on TripActions global expansion, to regions like Australia (it recently signed on Canva as a customer). Additionally, it will be investing in product and team growth. It’s staff is 7 times the size it was last year, currently at 700 people.

The company’s total funding to-date is $481.5 million.

Also last year, the company said it had around 1,000 customers. It’s doubled that number of customers since then, and counts WeWork, Lyft, Zoom, and Okta as customers.

“Think about a company like WeWork — it’s almost unacceptable to their employees to work with a solution that feels antiquated,” for corporate travel, says Cohen. “WeWork themselves wanted better control of a travel budget.. And so on, so we’re providing a solution.”

Also in the corporate travel sector, yesterday ride-hailing company Grab acquired ride-hailing aggregator Splyt.

Based on the sheer amount of activity in the travel and hospitality space, we’ve known that its a lucrative industry facing its fair share of maturation and saturation.

Illustration: Li-Anne Dias