- TripActions offers real-time data insights into business travel expenses.
- The company provides a booking and management platform.
- It reached a $5 billion valuation with $665 million in equity funding.
TripActions is a booking and management platform. It offers enterprises real-time data, automated reporting, and insights into business travel and expenses. The company has successfully raised $155 million in a Series E round of funding. Existing investor Andreessen Horowitz co-led the funding round.
About TripActions
TripActions is an AI-enabled platform based in Palo Alto, California. Founded in 2015, the company is now valued at $5 billion. It valued at $4 billion after its Series D round 18 months ago. Small businesses across the spectrum are adopting new ways of working. The increase and recognition come as businesses are relying on remote work. In addition, the pandemic has decimated corporate travel. This raised concerns about the feasibility of networks like TripActions.
TripActions provides 24/7 access to a global network of travel agents. The company also offers access to inventory spanning flights, hotels, and car rental to businesses of all sizes. But the increasing amount of data it provides is one of the major selling points for enterprises. With TripActions now acting as an end-to-end platform, it covers both travel and expense management.
Companies can filter and display travel and expenditure data by date range, geography, category, and more through the TripActions spending management dashboard. It is easier to run a report when all this knowledge is in one location. The spend management dashboard that launched a few months back is a good example of this. With Liquid data, they are able to actively surface and track real-time expenditures. Thus, helping program managers budget and control outlying operation properly.
Most of the TripActions platform underpins AI and machine learning. The technology is used on the travel side to optimize flights and hotels based on the expectations, historical travel actions, and more of a company or person. TripActions leverages AI to automatically classify each expense into a category. It defines products not allowed under the policy of an organization, and match spending with calendar corporate events.
TripActions Enterprising
TripActions has launched hundreds of items and updates over the past year as it adapts to a new business environment. These include a new business-focused offering and integration with software such as NetSuite, Microsoft Dynamics, SAP, Xero, and more for enterprise resource planning (ERP). These upgrades are designed to help finance teams dig deep into payment and cost data in real-time, rather than waiting, as would be the case for conventional systems, for workers to manually send expenses.
TripActions introduced a COVID-19 dashboard that provides business travel continuity tools. It provides insights into metrics such as countries with the most active COVID-19 cases per 100,000 individuals or areas for travelers with quarantine restrictions.
TripActions’ Future Plans
2020 was a turbulent year for TripActions, as for several organizations employed in the travel realm. As the world entered lockdown last March, before obtaining a $125 million debt round of funding to weather the COVID-19 storm and push further into the business market, the organization laid off hundreds of employees. But it is hard to imagine business travel returning to pre-pandemic levels anytime soon if ever, however optimistic one’s outlook is.
TripActions raised $155 million, which brings its total equity funding to $665 million. This brings its valuation to $5 billion indicating that investors are optimistic about its prospects.
