PALO ALTO, Calif.–(BUSINESS WIRE)–Today TripActions, the corporate travel management company shaping the
future of business travel, announced it has raised $154 million in
Series C funding. The round is led by Andreessen Horowitz, who is joined
by TripActions’ previous investors: Lightspeed Venture Partners, Zeev
Ventures and SGVC. In addition to the investment from Andreessen
Horowitz, Ben Horowitz will be joining the company’s Board of Directors.
Since its founding in 2015, TripActions has raised a total of $232M in
funding.

The new capital will be used to double down on development of the
company’s product and service offerings globally to further accelerate
enterprise adoption, including:

  • Expanding TripActions’ cutting-edge R&D team globally with a large
    engineering and data science hub in the company’s EMEA headquarters in
    Amsterdam
  • Applying innovative technology solutions to the pain points of
    corporate travel, including scaling out the company’s proprietary
    support infrastructure which powers their in-house global team of
    travel agents. 80% of the company’s support interactions are handled
    via its custom-built chat solution with a traveler satisfaction rating
    of 97%.
  • Growing adoption of the company’s new suite of service offerings
    including TripActions Luxe, the company’s white-glove VIP program for
    executive travel needs; TripActions’ in-house Meetings & Event
    solution for group travel; TripActions’ consulting services to build &
    manage effective supplier programs for customers; and TripActions’
    Guest Invite Portal which allows HR & recruiting teams to drastically
    reduce the time spent coordinating candidate travel.
  • Continued investment in TripActions’ innovative global fulfillment
    model to deliver the largest & richest selection of global inventory
    available using software-powered partnership integrations, machine
    learning technologies and innovative fulfillment models.

“At TripActions, we’re on a mission to power the in-person connections
that move people, ideas and businesses forward. We know that travel
plays a critical role in helping the most innovative companies achieve
their growth objectives and stay a step ahead of the competition.
Unfortunately business travel today is fraught with pain points for
travelers and companies leading to low traveler adoption and compliance
rates, incomplete visibility into travel spend and difficulty delivering
duty of care,” says Ariel Cohen, CEO and Co-Founder of TripActions.
“Cutting-edge companies are flocking to TripActions at a fast rate
because we offer a modern, user-friendly solution that road warriors
love. With TripActions’ high traveler adoption rates, our customers
enjoy complete visibility into travel program savings, reduced noise
around travel and a more productive employee base committed to driving
company growth.”

TripActions’
2018 State of Business Travel Report
shows that while business
travel is critical for driving company growth, finance leaders, travel
managers and travelers are not happy with legacy corporate travel
management companies and are hungry for a more user-friendly,
technology-powered alternative:

  • 83% of business travelers spend more than 1 hour booking each work
    trip, a costly loss of productive work time
  • 50% of corporate travelers today ignore their company’s travel
    solutions, thereby limiting a company’s ability to track and manage
    travel spend and to account for traveling employees in the event of an
    emergency
  • 64% of corporate travelers feel like they have to fend for themselves
    on the road, with only 8% reporting that their travel management
    company proactively reaches out when something goes wrong

“TripActions is reshaping the stone age corporate travel industry with a
solution that uses modern software and machine learning to deliver a
personalized, delightful experience for road warriors and their
employers,” says Ben Horowitz, Co-founder and General Partner at
Andreessen Horowitz. “It’s a real breakthrough. When we interviewed
their customers, both the employer and the employees loved the service.
We rarely see that and never in travel.”

Ilan Twig, CTO and Co-founder, TripActions, comments: “We’re re-thinking
the way that corporate travel is run and supported globally. With AI and
machine learning, we’re able to deliver a truly customized traveler
experience at scale, allowing us to reduce the time to book a trip from
more than hour to a mere 6 minutes. We’re also using this technology to
deliver incredible support. Imagine a world where every travel headache
–– whether that be a flight delay or a lost hotel room –– is taken care
of before you even knew something was wrong. This is exactly what
TripActions is able to offer to our customers today.”

TripActions’ latest round of funding comes on the heels of rapid
customer adoption and revenue growth.

Highlights include:

  • Delivering greater than 700% YoY revenue growth from the
    company’s growing base of thousands of customers across multiple
    industries including Lyft, Dropbox, Sara Lee Frozen Bakery and Stella
    & Dot.
  • Expanding operations to 7 offices globally including Amsterdam, London
    & Sydney to better serve TripActions’ customers and travelers.
  • Eliminating the pain points of corporate travel. TripActions customers
    see 34% savings on their hotel spend and traveler adoption rates over
    90% versus the industry norm of 50%.

“The TripActions team is thrilled to be partnering with Andreessen
Horowitz, to welcome Ben to our Board of Directors and to deepen our
relationship with Arif Janmohamed of Lightspeed Venture Partners and
Oren Zeev of Zeev Ventures who have been with us from the beginning,”
continues Cohen. “We’re grateful for their early bets on us and for our
customers who have supported us along the way. As we continue to grow at
a rapid clip, we’re committed to taking the pain out of corporate travel
for our customers and their travelers.”

About TripActions

At TripActions, we believe nothing can truly replace the value of being
there in-person. So we built an end-to-end travel platform to make
business travel as easy as possible for road warriors. TripActions
travelers enjoy personalized results to book a trip in minutes, a wide
selection of flights, hotels and transportation, and proactive 24/7
support to help when plans change. We focus on aligning company
priorities and traveler needs –– companies save an average of 34 percent
on their travel spend and travelers give TripActions a 97 percent
satisfaction rating. Find out why leading companies such as Dropbox,
Lyft, Sara Lee Frozen Bakery, the ACLU and Tuft and Needle trust
TripActions for their business travel. TripActions is Bay-Area based and
was founded in 2015 by Ariel Cohen and Ilan Twig. Learn more at
TripActions.com or on the TripActions blog.

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