The rapid rise of travel management platform TripActions into a global players has been underlined by a $275 million Series F funding round.
The firm has announced the completion of the round led by Greenoaks with strong participation from investor Elad Gil, Base Partners, and key existing financial investors. TripActions has raised nearly $1.3 billion in funding to date.
The round gives the California-based company a post-money valuation of $7.25 billion and “underscores its rapid market penetration and the increased demand for end-to-end, corporate travel, payments, and expense management technology”.
TripActions co-founder and chief executive, Ariel Cohen, said: “TripActions is experiencing massive growth as companies recognize the imperative for consumer-grade tech tools and efficiency that comes from real-time, contextual data.
“Just as TripActions continues to disrupt the corporate travel market, TripActions Liquid is set to replace traditional spend management solutions. No other company is able to provide a single, unified T&E solution for enterprise companies on a global scale.”
TripActrions plans to continue its rapid expansion in Europe, which represents 30% of its business.
Its recent acquisition, Reed & Mackay, will see further investment in support, product, and sales teams.
The firm plans on adding more than 150 headcount in the UK, Israel, and across Europe this fiscal year.
TripActions will also continue to develop its personal travel booking offering, Lemonade, which it said has grown by nearly ten times in booking volume this fiscal year.
Neil Mehta, founder and managing partner of Greenoaks, said: “A sea change is underway in the corporate travel and spend industries as companies look for powerful and streamlined travel solutions in the post-pandemic economy.
“TripActions is rapidly gaining traction among some of the world’s largest enterprises, and no company is better positioned to lead the way as global travel recovers. We’re thrilled to continue our partnership with TripActions as they become a category defining company.”
TripActions says nearly two-thirds of businesses have or are planning to switch travel management solutions as a result of the pandemic.
Between February 2020 and July 2021, it saw a more than doubling of its aggregate travel budget under management, while expense budget under management grew 1,400% over the same period. Recent enterprise customer wins include Heineken, Crate & Barrel, and Snowflake.
As well as its travel management platform it TripActions Liquid is a cloud-based fintech solution which the firm says “offers unmatched visibility, cost control, and efficiency as the company revolutionises the entire corporate travel, expense, spend, and payments stack”.
Investor Elad Gil said: “TripActions is an N-of-1, durable company in corporate travel and spend management. Expanding my stake in TripActions was an easy decision.”
TripActions revealed 68% of its customers have switched from legacy suppliers and, in the past six months, TripActions Liquid has recorded more than 500% growth in transaction volume and nearly 400% growth in active users.
Robin Bell, procurement consultant at customer Epicor Software, said: “With TripActions Liquid, we have unlocked a new layer of spend visibility, enabling us to turn data into impactful decisions—all with the efficiencies and cost controls that were never available in our legacy solutions.
“I’m happy with how far we’ve come with TripActions’ end-to-end solutions and excited about where we are going.”