Silicon Valley business TripActions has raised $250 million in a funding round and plans to grow its UK business.
TripActions is a business travel platform which serves companies of all sizes and has experienced 5x year-over-year growth.
The Series D funding was led by Andreessen Horowitz with participation from Zeev Ventures, Lightspeed Venture Partners and Group 11 (fka SGVC). The funding increases the company鈥檚 valuation to $4 billion.
The company employs 20 people in its London office, with another 80 based in Amsterdam. It has close to 100 European customers, with the majority of those in the UK & Ireland, and also services its global customers with a UK presence from that office, with customer success and support teams looking after the likes of Dropbox, Survey Monkey and WeWork.
A spokesperson told 老九品茶Cloud: 鈥淭he UK&I is a key market for us 鈥� we will be investing in the London office over the coming months.
鈥淭he potential of the UK market is impressive. It鈥檚 a fast-growth area for us and we will be investing accordingly.鈥�
Ariel Cohen, co-founder & CEO, TripActions, said of the new funding: 鈥淲hen we started TripActions, we put the traveller first, working to solve all of the pains of work travel that we ourselves experienced as road warriors.
鈥淲e wanted to give enterprises and their travellers a far better option than the status quo and hopelessness of using the same outdated and frustrating corporate travel platforms they鈥檇 always used.
鈥淭hanks to our investors, partners and suppliers who believed in our vision; our employees who passionately put the user first in everything they鈥檝e done; and most importantly our customers who have trusted us with their travel programs; TripActions is fast becoming the default for business travel.鈥�
Delivered within a powerful, easy-to-use mobile-first interface, TripActions manages more than $1.1 billion in annual travel budget, helping more than 2,000 customers around the world 鈥� including WeWork, Lyft, SurveyMonkey, Chubbies, Marine Layer, Complex Networks and Sara Lee Frozen Bakery 鈥� reduce average booking time from 60 minutes down to six.
Co-founder & CTO Ilan Twig said: 鈥淎s founders, we wanted to create a company where we鈥檇 both be happy, excited and proud to work, with a mission-driven culture focused on the user鈥攁ll of them, all the time.
鈥淲e believed we could change the industry by building an end-to-end business travel platform that was the best in the world, underpinned by the best product, service and experience.
鈥淭hrough our hyper growth, our mission remains the north star for our business. It鈥檚 a privilege to help our customers and users turn travel into a strategic lever for growth.鈥�
David George, general partner, a16z, said: 鈥淲e鈥檙e proud to have TripActions 鈥� a platform loved by enterprises and their employees alike 鈥� as a cornerstone investment in our new late stage venture fund.
鈥淲ith its combination of the most advanced global infrastructure and unmatched customer support, it鈥檚 no wonder TripActions has achieved hyper growth while maintaining a remarkable 93 per cent traveller satisfaction.
鈥淚f an organisation isn鈥檛 on TripActions, it will be soon as there鈥檚 nothing that comes close in business travel.鈥�