TripActions, the corporate travel management startup, announced that it raised $154 million in Series C funding, taking its valuation over one billion dollars. The round was led by Andreessen Horowitz, who was joined by TripActions’ previous investors – Lightspeed Venture Partners, Zeev Ventures and SGVC.
In addition to the investment from Andreessen Horowitz, Ben Horowitz will be joining the company’s Board of Directors. Since its founding in 2015, TripActions has raised a total $232 million in funding.
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The new capital will be used to double development of the company’s product and service offerings globally to further accelerate enterprise adoption, including:
- Expanding TripActions’ cutting-edge R&D team globally with a large engineering and data science hub in the company’s EMEA headquarters in Amsterdam.
- Applying innovative technology solutions to the pain points of corporate travel, including scaling out the company’s custom-built support infrastructure which powers the company’s in-house global team of travel agents. 80% of the company’s support interactions are handled via its custom-built chat solution with a traveler satisfaction rating of 97%.
- Growing adoption of the company’s new suite of service offerings
- Continued investment in TripActions’ innovative global fulfillment model to deliver the largest & richest selection of global inventory available using software-powered partnership integrations, machine learning technologies and innovative fulfillment models.
“At TripActions, we’re on a mission to power the in-person connections that move people, ideas and businesses forward. We know that travel plays a critical role in helping the most innovative companies achieve their growth objectives and stay a step ahead of the competition. Unfortunately business travel today is fraught with pain points for travelers and companies leading to low traveler adoption and compliance rates, incomplete visibility into travel spend and difficulty delivering duty of care,” says Ariel Cohen, CEO and Co-Founder of TripActions.
TripActions’ 2018 State of Business Travel Report shows that while business travel is critical for driving company growth, finance leaders, travel managers and travelers are not happy with legacy corporate travel management companies and are hungry for a more user-friendly, technology-powered alternative:
- 83% of business travelers spend more than 1 hour booking each work trip, a costly loss of productive work time
- 50% of corporate travelers today ignore their company’s travel solutions, thereby limiting a company’s ability to track and manage travel spend and to account for traveling employees in the event of an emergency
- 64% of corporate travelers feel like they have to fend for themselves on the road, with only 8% reporting that their travel management company proactively reaches out when something goes wrong
Ilan Twig, CTO and Co-founder comments: “We’re re-thinking the way that corporate travel is run and supported globally. With AI and machine learning, we’re able to deliver a truly customized traveler experience at scale, allowing us to reduce the time to book a trip from more than hour to a mere 6 minutes. ”
It had greater than 700% year-on-year revenue growth and the customers grew across multiple industries including Lyft, Dropbox, Sara Lee Frozen Bakery and Stella & Dot.