TripActions, a travel solutions platform, raises $51m in its Series B round led by Lightspeed Venture Partners Partner Arif Janmohamed.
Zeev Ventures founding partner Oren Zeev also contributed to the series.
California-based TripActions offers an end-to-end solution that supports the entire business traveling process. The company uses machine learning technology to reduce booking time, implements reward schemes, and offer travel spend savings.
Founded in 2015, the platform provides companies with a solution to track all traveling employees spending, savings, and travel trends. Other features offered by the app include dynamic travel policies, travel risk management, inventive programmes, and 24/7 travel support, among others.
TripActions hopes to use this new funding to support the development of its platform, as well as expanding its global operations.
Lightspeed partner Arif Janmohamed said, “We have been blown away by the pace of growth we’ve seen at TripActions with rapid adoption from mid-market companies and small businesses alike. There’s no question that companies and travelers are looking for a modern, innovative approach to corporate travel and that they’re ready to switch to something better.”
The company’s total funding efforts have now reached $80m, with the company previously closing a $27m investment last year.
Lightspeed Venture’s has already made three investments in the FinTech space this year. Last month, the firm led the $50m Series B round in to e-commerce technology developer Udaan. The capital will be used for expanding its customer and logistics network.
It’s other transactions in the sector include insurance platform Ladder, which netted $30m, and security operations centre Artic Wolf Networks in its $16m round.
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