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Illustration: Rae Cook/Axios

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."

Go deeper

Dan Primack, author of Pro Rata
Oct 12, 2021 - Economy & Business

AR company Magic Leap raises $500 million from "existing investors"

Illustration: Sarah Grillo/Axios

Magic Leap, a Plantation, Florida-based augmented reality company, raised $500 million at a $2 billion post-money valuation from unspecified "existing investors."

Why it matters: This is a company that lives up to its name, at least in terms of separating VCs from their money, as Magic Leap has now raised nearly twice as many dollars as its current valuation. Maybe that's why none of those return backers are eager to be identified.

Updated 4 hours ago - World

Islamic State claims responsibility for deadly bombing in southern Afghanistan

The mosque after the explosion in southern Kandahar province on Oct. 15. Photo: Murteza Khaliqi/Anadolu Agency via Getty Images

The Islamic State group claimed responsibility for a massive blast that tore through a crowded Shiite mosque in the southern Afghan city of Kandahar on Friday, killing at least 47 people and injuring dozens more, AP reports.

Why it matters: Friday's attack was the deadliest to strike Afghanistan since the U.S. withdrew its troops from the region and is the second major attack on a Shiite mosque in a week, underscoring the Taliban's growing security threat from other militant groups.

New wave of strikes will test worker power

Illustration: Sarah Grillo/Axios

Thousands of John Deere workers hit the picket line this week after the union smacked down a new worker contract from the farm and equipment maker.

Why it matters: There’s a wave of worker angst spreading across the country. They wield new power that’s come with a historic worker shortage.