TripActions, a travel and expense management platform, is in negotiations to raise funding at a $9 billion valuation, Bloomberg reported this week.
The company last raised $275 million in a Series F round led by Greenoaks Capital in October, according to Crunchbase. That round brought its valuation to $7.25 billion, meaning the reported new round will bring its valuation up significantly.
The news of TripActions’ reported fundraise comes amid a bit of a shakeup in the startup and VC world. Volatility in the public markets has made some investors more cautious of the speed at which they deploy capital and the valuations being assigned to companies.
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With valuations up across the board last year, there’s been some fear this year of “flat rounds” (when more capital is raised, but the company’s valuation stays the same) or down rounds (when more capital is raised, but at a lower valuation).
It’s the opposite of the mentality of 2021, which saw a record amount of funding for startups, and high valuations for both public and private companies.
Travel industry overall
New funding for TripActions comes as travel, particularly business travel, sees a rebound after the COVID-19 pandemic essentially halted it.
And with investors putting money into this travel and expense management platform, it could mean there is an appetite for future investment in the space.
Other travel companies, including price monitoring and booking platform Hopper, have also raised money in the past year. TripActions also acquired a travel management company, Comtravo, earlier this year in anticipation of increased travel demand.
Palo Alto, California-based TripActions was founded in 2015 and is backed by investors including Silicon Valley Bank, Base Partners and Andreessen Horowitz. According to Crunchbase data, it has raised $1.5 billion in total funding.
Illustration: Dom Guzman
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