Corporate travel platform TripActions announced Thursday it had closed a $250 million Series D funding round led by private US venture capital firm Andreessen Horowitz.
The company said the funding round brings its current valuation to $4 billion, which makes it a “unicorn,” a financial term for a privately-held startup valued at $1 billion and above.
Zeev Ventures, Lightspeed Venture Partners, and Group 11 (fka SGVC) also participated in the round.
Founded in 2015 by Israeli-born entrepreneurs Ariel Cohen, CEO, and Ilan Twig, CTO, TripActions developed an end-to-end travel platform to make business travel easier.
TripActions said in a statement that it will use the funds to “solve the antiquated product, service, and experience of the corporate travel management industry to bring the best experience in business travel to more enterprises globally.
“When we started TripActions, we put the traveler first, working to solve all of the pains of work travel that we ourselves experienced as road warriors,” said Cohen, “We wanted to give enterprises and their travelers a far better option than the status quo and hopelessness of using the same outdated and frustrating corporate travel platforms they’d always used. Thanks to our investors, partners and suppliers who believed in our vision; our employees who passionately put the user first in everything they’ve done; and most importantly our customers who have trusted us with their travel programs; TripActions is fast becoming the default for business travel.”
TripActions manages more than $1.1 billion in an annual travel budget and helps over 2,000 customers around the world reduce average booking time, the company says. Its customers include WeWork, Lyft, SurveyMonkey and Complex Networks.
The company has more than 700 employees across nine global offices including in Amsterdam, Chicago, Dallas, London, New York, Palo Alto, San Francisco, Seattle, and Sydney.