TripActions, a US-based corporate travel tech company founded by Israeli entrepreneurs, announced that it raised $154 million in a Series C funding round led by Andreessen Horowitz, with participation from existing investors Lightspeed Venture Partners, Zeev Ventures, and SGVC.
TripActions developed an end-to-end travel platform to make business travel easier. The company says it will use the funds to further develop its product and service offerings worldwide.
“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,” said Ariel Cohen, CEO and co-founder of TripActions, in a statement. “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.”
Cohen said clients are “flocking to TripActions” for its “modern, user-friendly solution that road warriors love.”
“With TripActions’ high traveler adoption rates, our customers enjoy complete visibility into travel program savings, reduced noise around travel and a more productive employee base committed to driving company growth,” he said.
Ilan Twig, TripActions’ CTO and co-founder, said the company is “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. We’re also using this technology to deliver incredible support. Imagine a world where every travel headache –– whether that be a flight delay or a lost hotel room –– is taken care of before you even knew something was wrong. This is exactly what TripActions is able to offer to our customers today.”
Ben Horowitz, co-founder and general partner at Andreessen Horowitz, who will join TripActions’ board said the startup was “reshaping the stone age corporate travel industry with a solution that uses modern software and machine learning to deliver a personalized, delightful experience for road warriors and their employers.”
TripActions, headquartered in Palo Alto, was founded in 2015 and has raised $232 million in funding to date.