TripActions Tops $7 Billion in Value After Latest Funding Round
(Bloomberg) -- TripActions Inc. raised $275 million in its latest funding round even after the corporate travel manager’s revenue evaporated when business bookings shut down during the Covid-19 pandemic.
The funding brought its valuation to $7.25 billion, the closely held company said Wednesday in a statement. The technology startup raised $155 million in January and said it has raised $1.3 billion since being founded in May 2015.
The funding round was led by Greenoaks Capital Management LLC, along with Base Partners and entrepreneur Elad Gil, who also has invested in Airbnb Inc., Stripe, Coinbase Global Inc., Pinterest Inc. and others.
Booking volume at TripActions has exceeded pre-pandemic levels because of increased market share, the company said. The company cited 500% growth in transactions and 400% growth in active users over the past six months for its TripActions Liquid spending-management platform, which aims to reduce the time required to process expense reports.
The Menlo Park, California-based company said it manages travel and expense reporting for more than 5,000 companies.
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