TripActions raises $275 million at $7.25 billion valuation
TripActions, a Palo Alto-based enterprise travel and spend management platform, raised $275 million in Series F funding at a $7.25 billion valuation led by Greenoaks Capital.
Why it matters: This has deep shades of last month's tech darling Toast, a hot startup that laid off hundreds early in the pandemic as its revenue dissipated, before recovering with a valuation vengeance.
- Other investors include Elad Gil, Base Partners and insiders Andreessen Horowitz, Lightspeed Venture Partners, Group 11 and Zeev Ventures.
The bottom line: "The latest financing ... signals an expansion for TripActions from being a primarily corporate travel startup to also, more broadly, a spend management company," writes TechCrunch's Mary Ann Azevedo.
- "This means it is in the same category as fast-growing fintechs such as Brex and Ramp. But the biggest difference, in [CEO Ariel] Cohen's view, is that those two companies 'are disparate from travel' and thus focus more on SMEs while TripActions is more focused on enterprise companies."