TripActions plots UK growth after raising $250m
Silicon Valley business TripActions has raised $250 million in a funding round and plans to grow its UK business.
TripActions is a business travel platform which serves companies of all sizes and has experienced 5x year-over-year growth.
The Series D funding was led by Andreessen Horowitz with participation from Zeev Ventures, Lightspeed Venture Partners and Group 11 (fka SGVC). The funding increases the company’s valuation to $4 billion.
The company employs 20 people in its London office, with another 80 based in Amsterdam. It has close to 100 European customers, with the majority of those in the UK & Ireland, and also services its global customers with a UK presence from that office, with customer success and support teams looking after the likes of Dropbox, Survey Monkey and WeWork.
A spokesperson told BusinessCloud: “The UK&I is a key market for us – we will be investing in the London office over the coming months.
“The potential of the UK market is impressive. It’s a fast-growth area for us and we will be investing accordingly.”
Ariel Cohen, co-founder & CEO, TripActions, said of the new funding: “When we started TripActions, we put the traveller first, working to solve all of the pains of work travel that we ourselves experienced as road warriors.
“We wanted to give enterprises and their travellers a far better option than the status quo and hopelessness of using the same outdated and frustrating corporate travel platforms they’d always used.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.”
Delivered within a powerful, easy-to-use mobile-first interface, TripActions manages more than $1.1 billion in annual travel budget, helping more than 2,000 customers around the world – including WeWork, Lyft, SurveyMonkey, Chubbies, Marine Layer, Complex Networks and Sara Lee Frozen Bakery – reduce average booking time from 60 minutes down to six.
Co-founder & CTO Ilan Twig said: “As founders, we wanted to create a company where we’d both be happy, excited and proud to work, with a mission-driven culture focused on the user—all of them, all the time.
“We believed we could change the industry by building an end-to-end business travel platform that was the best in the world, underpinned by the best product, service and experience.
“Through our hyper growth, our mission remains the north star for our business. It’s a privilege to help our customers and users turn travel into a strategic lever for growth.”
David George, general partner, a16z, said: “We’re proud to have TripActions – a platform loved by enterprises and their employees alike – as a cornerstone investment in our new late stage venture fund.
“With its combination of the most advanced global infrastructure and unmatched customer support, it’s no wonder TripActions has achieved hyper growth while maintaining a remarkable 93 per cent traveller satisfaction.
“If an organisation isn’t on TripActions, it will be soon as there’s nothing that comes close in business travel.”