TripActions — An outlier company just raised another $250M to continue to raise the bar on business travel.
Outlier companies are, by definition, very rare. These are special companies founded by talented entrepreneurs who have clarity of vision, unwavering focus, incredible execution, and who find undeniable product/market fit in their market segments to redefine industries. By rapidly becoming the default for modern business travel, TripActions has staked its claim as an outlier company, run by two exceptionally gifted outlier founders, Ariel Cohen (CEO) and Ilan Twig (CTO).
Since founding TripActions 4 years ago, Ariel and Ilan have had a clarity of vision of how to redefine the antiquated $1.3 trillion corporate travel management market. They opted to focus on the traveler first, in order to solve the pains of work travel that they themselves had experienced as road warriors. They combined innovative, modern technology with customer-centric support to build a mobile-first platform that delivers an unparalleled business travel experience.
With TripActions, users can book their travel in less than 6 minutes and receive proactive, technology-enabled support while on the road. This unrelenting focus on the traveler combined with the company’s incredible execution has led to the company managing over $1.1B in annual travel budget supporting more than 2000 customers globally. And, most impressively, they’ve built a global organization with an amazing, mission-driven culture that has received industry recognition as a great place to work.
Today, the company announced an additional $250M of funding at a $4B valuation to continue to raise the bar in business travel. With this capital, they will accelerate growth into global enterprise accounts while continuing to deliver the best experience in business travel.
Our relationship with the founders is a deep and long-standing one, which goes back to their previous startup, StreamOnce. Our relationship with the TripActions founders began almost 8 years ago, and it started with a bowl of Hummus. Our journey and partnership with the founders has been a fun one, from the TripActions seed stage through the Series A and Series B financings, and the more recent Series C financing in which they initially gained unicorn status.
We are honored to have participated in the company’s evolution from its humble beginnings in a tiny office in Mountain View to a globally distributed company with 9 offices, over 700 employees and a happy and rapidly growing customer base. We are amazed by what Ariel, Ilan and the team have already achieved and we are thrilled to help and support them through the company’s next stage as they scale globally and disrupt a massive industry. TripActions is setting the standard for solving the antiquated product, service and experience of the corporate travel management industry.
At Lightspeed, we’re extremely excited about our long-standing partnership with the TripActions team as they disrupt the Business Travel market. To read more about this financing directly from the founders, please visit TripActions blog.
Arif Janmohamed is a Partner at Lightspeed Venture Partners. He focuses on investments in enterprise IT and infrastructure and sits on the boards of a number of rapidly scaling companies, including Netskope, TripActions, Appzen, Moveworks and OverOps. In his free time, Arif plays ice hockey with his wife, who yells at him for never passing the puck to her.
Lightspeed is an early stage VC firm focused on accelerating disruptive innovations and trends in the enterprise and consumer sectors. Lightspeed has backed 300+ companies globally in the past two decades including Nutanix, AppDynamics, MuleSoft, Snap and Nest.