7/25/2023 0 Comments Trip actions![]() It is also planning a “deeper” investment in Reed & Mackay, an agency that it recently acquired that provides high-end support (including VIP and M&E for TripActions). ![]() The company plans to use its new capital primarily to double down on TripActions Liquid, its fintech payments and expense management solution, with the goal of expanding more globally. TripActions presently has 1,500 employees compared to about 800 when it conducted layoffs in March of 2020. Recent enterprise customer wins include Heineken, Snowflake, Thomson Reuters and Adobe. And, in the past six months, TripActions Liquid has recorded more than 500% growth in transaction volume and nearly 400% growth in active users. The startup, Cohen added, has more than doubled its aggregate travel budget under management, while expense budget under management grew 1,400% over the same period. While Cohen declined to reveal hard revenue figures, he said TripActions has now exceeded pre-pandemic levels in terms of booking volume and revenue. With the latest round, the company has raised a total of $1.3 billion since its 2015 inception - about $780 million of which was secured during the pandemic. TripActions closed a $155 million Series E investment earlier this year at a valuation of nearly $5 billion. Greenoaks led the financing, which also included “strong participation” from Elad Gil, Base partners and “all key existing financial investors.” Previous backers in the company include Andreessen Horowitz (a16z), Zeev Ventures, Lightspeed Venture Partners and Group 11. That pivot has proven to be a smart move for the company, which today announced it has raised $275 million in a Series F “growth” funding round at a $7.25 billion valuation. ![]() And so we broadened the types of expenses employees could submit.” “We knew that employees were dispersed and that, instead of travel, they would now be expensing home office equipment and virtual software. “We realized quickly that we needed to meet the needs of our customers to manage not only travel spend, but all employee spend of company money,” Cohen told TechCrunch. ![]() As the pandemic led to increased digitization across the board, employees were suddenly making spend decisions from outside the office and more merchants were accepting digital payments. It was at that point that TripActions made the decision to accelerate the timeline for its fintech expense product, TripActions Liquid, which had launched only a month before the pandemic. In March 2020, the company made headlines for laying off nearly 300 employees in the face of a slowdown in business related to the pandemic. In fact, the global crisis resulted in its revenue dropping to $0, according to CEO and co-founder Ariel Cohen. Prior to the COVID-19 pandemic, TripActions was primarily known for merging many aspects of corporate trip booking - flights, hotels and rental cars - with expense tracking.īut Palo Alto-based TripActions was among the startups that was hit very hard by the COVID-19 pandemic. ![]()
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