TripActions co-founders Ariel Cohen (left) and Ilan Twig. (company PR pic)
TripActions, an Israeli startup and a unicorn that offers travel tech solutions, has increased its valuation to $9.2 billion after the company raised $300 million in new investment. The raise is a combination of $154 million in equity from new and existing financial investors and a $150 million structured capital transaction led by Coatue.
TripActions’ travel bookings are up nearly 5x year-over-year and Liquid’s performance was even stronger, with spend volume up 7.5x.
The news comes just a few weeks after TripActions revealed that the company is looking toward holding an Initial Public Offering (IPO) in New York sometime in 2023. The company expects as much as a $12 billion valuation from its IPO.
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TripActions first became a unicorn just one year ago when it raised $275 million in a Series F growth funding round that gave the company a $7.25 billion valuation in October 2021. So it has clearly grown since then. And the company has been putting that money to good use with a number of acquisitions, such as buying high-touch TMC Reed & Mackay in 2021 and both Swedish TMC Resia and Berlin-based TMC Comtravo this year.
Founded in the US by Ariel Cohen and Ilan Twig, TripActions helps businesses get the best out of their employees travel expenses and services. The company says that it allows users to build, manage and scale a corporate travel and expense T&E management programs with ease. It promises to let firms get their employees the “best booking experience with unrivaled inventory, powerful personalization and 24/7 global travel agents paired with frictionless expense management so they can focus on being there, not getting there.”
So, what is travel tech? Well, fintech is anything related to financial technologies, so travel tech is any new tech developed to make traveling easier on the consumer. The Travel Tech Association says that Travel Tech is the voice of the travel technology industry, advocating for public policy that promotes transparency and competition in the marketplace to encourage innovation and preserve consumer choice.
The company’s co-founders said of the raise, “TripActions was founded on the idea of eliminating pain points and bringing efficiency to each part of the traveler journey, from the initial flight search to the airport and the trip to the final reconciliation of the last expense. This new valuation is proof that TripActions is the next generation of end-to-end travel and expense management technology.”
