Just four years from its founding, business travel platform
TripActions has raised a Series D round of $250 million.
The company's valuation is now put at $4 billion. This
latest investment comes less than eight months after TripActions' Series C
round last November which brought in $154 million.
Total funding to date is more than $480 million.
Like the Series C, this round is being led by Andreessen
Horowitz (known as a16z) as part of its new $2 billion late-stage venture fund
announced in May that managing director Scott Kupor wrote in a blog post is
intended for companies "executing on unusually big visions for emerging
Additional participation comes from Zeev Ventures,
Lightspeed Venture Partners and Group 11.
"We're proud to have TripActions -- a platform loved by
enterprises and their employees alike -- as a cornerstone investment in our new
late stage venture fund," says David George, general partner, a16z.
"With its combination of the most advanced global
infrastructure and unmatched customer support, it's no wonder TripActions has
achieved hyper growth while maintaining a remarkable 93% traveler satisfaction.
If an organization isn't on TripActions, it will be soon as there's nothing
that comes close in business travel."
TripActions says it has had 5-times year-over-year growth
and now manages more than $1.1 billion in annual travel budgets for more than
2,000 customers around the world, including WeWork, Lyft, SurveyMonkey, Complex
Networks and others.
Co-founder and CEO Ariel Cohen says the company will use the
funds to expand to new markets around the world -- it currently has more than
700 employees in nine offices, primarily in the United States and also in
London, Amsterdam and Sydney -- and to continue improving the technology.
One area slated for future development -- alternative
"It's definitely going to be a future investment of
TripActions to go deeper there in terms of how we show alternative lodging in
the user experience," Cohen says.
"Right now, we kind of predict it in the way we predict
hotels, but we definitely have plans to show it in a really interesting way in
the future and definitely we are working with some of the alternative lodging
vendors on future partnerships."
Cohen attributes the company's fast growth to its focus on
user experience for both business travelers and travel program administrators.
For travelers, the system uses machine learning -- including
an analysis of property photos -- to filter results such as flights and hotels
based on the likelihood they will interest the user.
"It's highly personalized. What we see is that in more
than 85% of the cases you will end up booking one of the top three results we
show you," says Ilan Twig, co-founder and chief technology officer of
The company's support agents have access to the same machine
learning models, enabling them also to provide personalized results to users
they communicate with via chat and email.
On the administration side, Cohen says the system can be
deployed in just a few days and the high adoption from users enables managers
to have broad visibility into their company's travel spending.
"The duty of care is being taken care of simply because
the users chose to adopt the system," Twig says.
In recent months TripActions has made several updates,
including a new flight-booking interface based on ATPCO's Next-Generation
Storefront standards, free in-app flight exchange and an integration with IATA's
New Distribution Capability industry standard launched in partnership with
The company plans to invest further in platform updates and
In early June, TripActions announced a white label partnership
with business payment and expense platform Divvy and Tuesday it announced a
partnership with human resources platform Namely.