TripActions hits $5bn valuation after close of $155m Series E

Business travel and spend management platform TripActions has bagged $155m in its Series E funding round, which ups its valuation to $5bn.

The round was led by existing backer Andreessen Horowitz, with other commitments coming from Zeev Ventures, Lightspeed Venture Partners and Greenoaks Capital.

Funds will be used to improve its services and help “get the world back to business.”

TripActions allows businesses to manage all of their business travel in a single location. Users can build and manage all of their corporate travel to ensure employees are safe, costs are controlled and money can be saved.

The FinTech claims there has been a surge in demand after companies are looking to get better control of their spending.

Since March 2020, TripActions claims to have launched over 40 product enhancements and capabilities, including a Covid-19 dashboard, reimagined spend analysis dashboard, enhanced traveller safety reporting and automated unused ticket technology.

TripActions co-founder and CEO, Ariel Cohen said, “While COVID-19 has challenged the entire travel industry, we are grateful to be emerging during this trying time well-positioned thanks to our customers and the dedication of the TripActions team.

“Despite the events of 2020, we’ve seen accelerated adoption by companies of all sizes and industries, growing our book of business to over $3.6 billion, and adding our largest accounts to-date.”

This is the second FinTech to be backed by Lightspeed Ventures this week. The investor recently led the $35m Series A of Personal finance app brigit. 

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