TripActions co-founders Ariel Cohen (left) and Ilan Twig. (company PR pic)
October is never a big month for IPOs and investments. And with the global financial crisis, this was no different for Israel Startup Nation, but there were a few exceptions including new unicorns.
On the IPO front, after a few setbacks, Mobileye finally held its Initial Public Offering (IPO) with a $16.7 billion valuation. This was far short of the $50 billion that its parent company Intel originally expected. Mobileye raised $861 million from the IPO.
TripActions, an Israeli startup and a unicorn that offers travel tech solutions revealed in October that it is looking toward holding an Initial Public Offering (IPO) in New York sometime in 2023. TripActions was reported to have filed its confidential prospectus for the IPO with the U.S. Securities and Exchange Commission (SEC). The company expects as much as a $12 billion valuation from its IPO.
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The news of the IPO plans came just a few weeks after TripActions increased its valuation to $9.2 billion after the company raised $300 million in new investment. The raise was 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.
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.”
Also in October, OpenWeb, an Israeli startup that develops an audience relationship platform, is a unicorn now hitting a $1.5 billion valuation. The company raised $170M in a Series F funding round led by Georgian, bringing our company’s total valuation to $1.5 billion.
And Vesttoo, an Israeli insurtech startup that has developed technology in the field of risk management, raised $80 Million in a Series C financing round co-led by Mouro Capital and a private equity fund. The funding made the company a unicorn as the round left it with a $1 billion valuation.
