TripActions, one of the most well-capitalized travel startups in Silicon Valley, has raised yet another round of VC valuing the corporate travel manager at more than $1 billion.
Andreessen Horowitz co-founder Ben Horowitz will join TripActions’ board of directors as part of the startup’s $154 million in Series C funding. Lightspeed Venture Partners, Zeev Ventures and SGVC also participated in the round.
Co-founders Ariel Cohen and Ilan Twig said TripActions’ $236 million raised to date, as well as its new “unicorn” valuation, is justified by its 700 percent annual growth rate and more than 1,000 customers.
“We mean it when we say our solution is so good we want to make sure we are bringing it to as many companies, as many employees as possible,” TripActions’ CEO Cohen told TechCrunch. “The main reason to raise more money is just to continue to go for that as fast as we can.”
Cohen and Twig previously co-founded StreamOnce, business collaboration software that was acquired by Jive Software for an estimated $10 million in 2013. They founded TripActions in 2015.
The Palo Alto-based company provides a corporate travel platform that integrates with company HR and expense systems. Using TripActions, business travelers can arrange flights, hotels and transportation, with 24/7 global support from the startup’s staff. Dropbox, Lyft, Twilio, Allbirds and Tuft & Needle are among its customers.
The company has expanded its platform by adding TripActions Luxe, a VIP program for executive travelers; TripActions’ in-house Meetings & Event solution for group travel; and TripActions’ Guest Invite Portal, designed for HR and recruiting teams. It also recently opened its European headquarters, an engineering and data science hub in Amsterdam, and plans to double down on R&D, AI and machine learning with the fresh investment.
Travel companies have been raking in capital this year in what Cohen sees as a big moment for tech startups in the space. The global travel and tourism market is, after all, one of the most valuable industries, worth some $7 trillion. The online travel market, in particular, is expected to grow to $817 billion by 2020.
“Something is really happening in the industry; something bigger than us,” Cohen said. “Different startups are identifying the opportunity here and the fact that companies want to make sure their employees are happy while they are on the go, that’s why you see investments in companies like Brex and like TripActions.”
“It’s about time that employees really feel great while they are booking their trip, while they are on the go and while they are doing their expenses at the end.”