Travel tech company TripActions, founded by Israeli entrepreneurs, raised $275 million in a Series F round at a valuation of $7.25 billion, the company announced on Wednesday.
The growth round was led by San Francisco-based Greenoaks Capital, with participation from serial entrepreneur Elad Gil, who was a former VP of corporate strategy at Twitter, and Brazilian investment firm Base Partners. It brings TripActions’ total fundraising capital to date to $1.3 billion.
Founded in 2015 by Ilan Twig and Ariel Cohen, TripActions set out to overhaul corporate travel, building an AI-powered platform that centralizes trip bookings including flights, hotels, car rentals and transfers, as well as tracks expenses and provides 24/7 personalized global support for executives and employees.
The company said in a statement that the funding underscores “the increased demand for end-to-end, corporate travel, payments, and expense management technology.”
TripActions, based in Palo Alto, California, established an R&D branch in Israel earlier this year. It has a customer base of over 5,000 companies including leading firms such as Zoom, Lyft, Canva, Heineken, and Crate & Barrel.
Last year, the company launched TripActions Liquid in the US, a payment solution that combines corporate cards with expense management software for employers to keep track of the budget and for employees to use for work-related costs.
“TripActions is experiencing massive growth as companies recognize the imperative for consumer-grade tech tools and efficiency that comes from real-time, contextual data,” said Cohen, who serves as CEO.
“Just as TripActions continues to disrupt the corporate travel market, TripActions Liquid is set to replace traditional spend management solutions. No other company is able to provide a single, unified T&E [travel and expense] solution for enterprise companies on a global scale,” added Cohen in a company statement.
In the past six months alone, TripActions Liquid has recorded more than 500% growth in transaction volume, exceeding pre-COVID levels, and nearly 400% growth in active users, as the travel industry recovers. the company said.
“A sea change is underway in the corporate travel and spend industries as companies look for powerful and streamlined travel solutions in the post-pandemic economy,” said Neil Mehta, founder and managing partner of Greenoaks. “TripActions is rapidly gaining traction among some of the world’s largest enterprises, and no company is better positioned to lead the way as global travel recovers. We’re thrilled to continue our partnership with TripActions as they become a category-defining company.”
TripActions said it plans on recruiting 150 more people in Europe and Israel this fiscal year. The company has over 1,000 employees worldwide.