Technology-first travel management company TripActions today announced $275 million in Series F growth funding led by Greenoaks with participation from investor Elad Gil, Base Partners and "all key existing financial investors," according to the company.
The new funding follows the $155 million TripActions raised in January, which company executives characterised as a signal that the managed travel industry was on the verge of recovery.
TripActions, for one, has realised that recovery, according to co-founder and CEO Ariel Cohen, with booking volumes now exceeding pre-Covid levels. He said the company is experiencing "massive growth" as the pandemic pushed corporates to "recognise the imperative for consumer-grade tech tools and efficiency that comes from real-time, contextual data" of a single unified travel and expense solution.
The company claims to have more than doubled its aggregate travel budget under management from 1 February 2020 to 31 July 2021. It was ranked sixth largest pan-European TMC in BTN Europe's annual rankings.
TripActions added expense management to its Liquid product in October 2020 and now says it has grown that business by a multiplier of 14, from what was presumably a small start.
That said, TripActions boasts some marquee customers. Recent enterprise wins have included Heineken, Crate & Barrel, Advanced, and data warehousing company Snowflake.
The company says that 68 per cent of all its "end-to-end" customers – which would include both travel and expense products – have migrated from legacy T&E systems.
It added a swathe of customers with its acquisition of UK-headquartered Reed & Mackay – whose UK sales totalled £588 million in 2019 – and now says Europe-based clients represent more than 30 per cent of the company's spend under management.
According to the company, it will continue to invest in technology features for its core travel product as the industry changes to incorporate the future of work and focus more intently on traveller health, duty of care and sustainability.
The company will also pour funds into support, product and sales teams, and plans to add 150 staff in the UK, Israel and across Europe during this fiscal year.
The company will also scale its personal travel booking offering, Lemonade, which has grown by a multiplier of 10 this year, according to the company, as lines blur between corporate and leisure trips.
Founder and managing partner of Greenoaks Neil Mehta 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... We’re thrilled to continue our partnership with TripActions as they become a category defining company."