In a clear sign that the business travel sector is recovering from the Covid crisis, TripActions today announced the completion of a $275 million Series F financing round at a post-money valuation of $7.25 billion. TripActions, which has developed a travel and spend management platform for businesspeople, has since its valuation jump within a few months from $5.2 billion to $7.2 billion.
TripActions was founded in the US and most of its employees are America but the company has Israeli roots. CEO Ariel Cohen and CTO Ilan Twig are both Israelis and Oren Zeev was its first investor. The company has also opened a development center in Tel Aviv with 25 employees, which it plans expanding to 40 in the near future.
The latest financing round was led by Greenoaks with participation from investors Elad Gil, Base Partners, and all major existing financial investors.
TripActions has developed a platform which allows the millions of executives who fly worldwide to book flights, hotels, rental cars and other services by themselves while enabling CFOs to keep track of corporate expenditure.
Cohen said, "TripActions is experiencing massive growth as companies recognize the imperative for consumer-grade tech tools and efficiency that comes from real-time, contextual data. Just as TripActions continues to disrupt the corporate travel market, TripActions Liquid is set to replace traditional spend management solutions. No other company is able to provide a single, unified T&E solution for enterprise companies on a global scale."
TripActions said that its bookings have exceeded pre-Corona levels and it recently acquired UK VIP agency Reed & Mackay as part of its expansion in Europe, which now represents 30% of its business.
Published by Globes, Israel business news - en.globes.co.il - on October 13, 2021
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