TripActions is flying high at $9.2 billion valuation

The TMC's third round of fundraising has increased its valuation from $4 billion to more than $9 billion.

TripActions currently has more than 2,500 employees across 60 global offices.
TripActions currently has more than 2,500 employees across 60 global offices. Photo Credit: Adobe/Maksym Povozniuk

Travel management company TripActions has raised another $300 million funding which has increased its valuation to $9.2 billion.

TripActions has received $154 million in investment from new and existing financial backers, as well as a $150 million transaction led by global investment firm Coatue Ventures.

The latest investment is TripActions’ third round of fundraising since the start of 2021, and the deal means that the TMC’s value has increased from $4 billion to more than $9 billion since the start of the Covid-19 pandemic.

The extra funding comes just two weeks after media reports in the US said that TripActions had filed confidential paperwork for an initial public offering (IPO) next year with a valuation of $12 billion.

TripActions said the new funding would allow it to “accelerate” the company’s global expansion and developments to its travel and expense platform, such as automated itemisation, smart receipt matching and increased self-service functions.

In the past 18 months, TripActions has acquired European TMCs Reed & Mackay, Comtravo and Resia, as well as launching the TripActions Liquid expense solution in Europe and opening offices in Portugal, Germany, France and the UK.

TripActions currently has more than 2,500 employees across 60 global offices. It was ranked as Europe’s fourth largest TMC in BTN Europe’s list of Europe’s Leading TMCs 2022.

Ariel Cohen, TripActions’ CEO and co-founder, said: “The recent funding round shows not only the strength of its business model, but also the value to companies looking to increase savings and enable responsible spending. TripActions is proof that empowering users through relentless innovation and automation is the future of travel.”

Source: BTN Europe



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