US-Israeli travel and payment company TripActions today announced the completion of a $304 million Series G financing round, at a post-money valuation of $9.2 billion. TripActions said that the funds included $154 million in equity from new and existing financial investors and a $150 million structured capital debt led by Coatue.
Since early 2020, TripActions has more than doubled its valuation, despite the damage done by the Covid pandemic to the tourism industry. Last month, "Business Insider" reported that TripActions had filed a confidential prospectus with the US Securities and Exchange Commission valuing the company at $12 billion.
The company was founded in the US by Ariel Cohen and Ilan Twig. and most of its employees are American, but the company has a strong Israeli connection in that both founders are Israeli, as is its first investor, Oren Zeev, and it maintains a development center in Tel Aviv with several dozen employees.
Cohen said, "TripActions is building the best travel and expense management solution in the world. The recent funding round shows not only the strength of its business model, but also the value to companies looking to increase savings and enable responsible spending. TripActions is proof that empowering users through relentless innovation and automation is the future of travel."
In concert with the company’s growth, savings tools like dynamic travel policy, real-time reporting with benchmark data, traveler incentive programs, and Liquid’s built-in spend controls have worked to ensure that customers can continue to run at their best without letting costs run rampant. Automated features, like expense reporting, itemization, and reconciliation, ensure that employees are free to focus on their work.
TripActions said that the funding will be used to accelerate its global expansion, which in the past year includes the acquisitions of travel management companies Reed & Mackay, Comtravo, and Resia, as well as the launch of TripActions Liquid in Europe and office openings in Portugal, Germany, France, and the UK. As of the end of July 2022, TripActions had more than 2,500 employees in 60 offices worldwide.
Published by Globes, Israel business news - en.globes.co.il - on October 12, 2022.
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