On the heels of a rumored confidential IPO, TripActions has raised Series G funding valuing the company at $9.2 billion.
The funds consist of $154 million in equity provided by new and existing investors, combined with a $150 million capital structure investment led by Coatue Ventures.
The funding is TripActions’ third in three years including $275 million a year ago and $155 million in January 2021.
This latest funding will go towards further global expansion with the company making several acquisitions in recent years including U.K-based Reed & Mackay in May last year and Comtravo earlier this year.
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In a statement, TripActions' CEO Ariel Cohen says the funding demonstrates the strength of the business model.
Ben Horowitz, co-founder and general partner at Andreessen Horowitz, adds: “From the start, TripActions revolutionized business travel by automating, personalizing and professionalizing the experience. Despite a pandemic that brought business travel to a standstill, the company doubled down on innovation and now those bets are paying off in a big way.”
Dan Rose, chairman of Coatue Ventures is joining the TripActions’ board as an observer while Sandesh Patnam, managing partner at Premji Invest, is also joining the board.
“All road warriors have experienced the pain of booking flights, making last-minute changes, and submitting expenses. TripActions is bringing modern software to make all of this more seamless,” Rose says.
“And at a time when companies are more focused than ever on controlling expenses, TripActions saves enterprise companies money by aligning employees’ incentives with the business.”
Rumors first surfaced in August that TripActions was working with Goldman Sachs on an IPO. Last month, the company declined to comment that it had filed for a confidential IPO saying it has “long considered a potential initial public offering as one option to fund the business.”
As of the end of July 2022, TripActions has more than 2,500 employees across nearly 60 global offices.