Business travel management startup TripActions has just announced a new funding round of $155 million. According to the announcement, the round was led by prior investor Andreessen Horowitz, Addition, and Elad Gil.
This series E investment puts TripActions value at $5 billion on a post-money basis according to TechCrunch. The news comes just in time since the COVID pandemic caused TripActions to lay off hundreds of staff last year. Experts say the safe bet is on assuming TripActions will be valued much higher in the near future.
As COVID-19 vaccines start to push back cases worldwide, the corporate travel niche will certainly be one of the first segments to regrow. A company spokesperson told Tech Crunch the corporate travel market is at “20 percent levels as of this month,” while growing between 3% and 6% “week-over-week.”
Founded back in 2015, TripActions is an AI-enabled platform that gives its users access to inventory for flights, accommodation, and car rentals, as well as 24/7 access to a massive network of travel agents worldwide. In addition, TripActions is now powered with key data that allows for end-to-end travel and expense management.
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