TripActions Snares $51M in Series B
PALO ALTO, CA, Comprehensive business travel platform that is reinventing business travel, announced today it has raised $51 million in Series B financing.
TripActions, a comprehensive business travel platform that is reinventing business travel, announced today it has raised $51 million in Series B financing led by Arif Janmohamed, Partner at Lightspeed Venture Partners and joined by Oren Zeev of Zeev Ventures. Today's funding comes as the company continues to see rapid adoption of its next generation corporate travel service that is changing everything about business travel -- from how a traveler books a trip and the support a traveler receives when they're on the road to the full visibility into travel spend savings provided to customers.
Sitting at the nexus of travel and technology, TripActions offers an end-to-end solution that turns a once painful process into a simple and cost-effective option that puts the business traveler's needs first. Launched two years ago, TripActions has meticulously thought through how technology can improve the entire travel experience. The result: since launching its services in 2016, TripActions has seen the number of customers and travelers under management double every quarter with its bookings growing 12x in 2017. The company has seen 97% traveler adoption of TripActions (the industry norm is 50%) with 97% traveler satisfaction while its customers see an average savings of 27% on their travel spend. Today's funding bring the total capital raised to just under $80 million.
"The current system for business travel is severely broken," said Ariel Cohen, CEO and Co-Founder of TripActions. "No one has started from the point of view of the road warrior and put them first when building a travel solution. We're fixing that. Every decision we make puts the needs of the traveler first. In order to deliver outstanding service to our travelers and customers, we need to build custom technology to reinvent infrastructure that hasn't been updated in decades. With this investment led by Lightspeed, we're able to scale up TripActions to provide a stronger holistic solution globally for our customers and travelers."
TripActions' traveler-first approach can be seen in the services that set TripActions apart from legacy corporate travel solutions:
A wide selection of flights, car rentals and hotels which includes inventory that historically has only been found on consumer travel sites and sites specializing in deep discounts
A customized booking experience for each traveler which uses machine learning technology to reduce the time to book each trip from hours to a few minutes
Custom-build incentive programs which reward the traveler with Amazon gift cards or credits for personal vacation when choosing cost-effective hotel rooms or flights
A white-glove support system that gives travelers on the road seamless support in the event something goes wrong during a trip, such as a missed connection. TripActions' AI-driven platform alerts TripActions' 24/7 team of agents of an issue and suggests alternatives automatically. In turn, TripActions agents proactively reach out to a traveler via chat, SMS or phone with solutions that get the traveler to their destination as painlessly as possible.
"TripActions' traveler-first approach is clearly paying off," said Arif Janmohamed, Partner at Lightspeed. "We have been blown away by the pace of growth we've seen at TripActions with rapid adoption from mid-market companies and small businesses alike. There's no question that companies and travelers are looking for a modern, innovative approach to corporate travel and that they're ready to switch to something better. By addressing traveler pain points and saving companies substantial money, TripActions is changing this $1.5 trillion market."
TripActions plans to use the new infusion of capital to continue to build out its technology platform and invest in strengthening operations globally.
TripActions is a Bay-Area based corporate travel platform founded in 2015 by Ariel Cohen and Ilan Twig. TripActions gives road warriors the travel experience they deserve with a wide selection of inventory, easy-to-use booking & trip management tools, and proactive 24/7 support powered by custom-built infrastructure. Travelers are rewarded for booking cost-effectively with the TripActions Rewards Program and customers receive full visibility into their travel spend savings. TripActions customers save an average of 27% on their travel spend and enjoy 97% traveler satisfaction. Learn more at TripActions.com or on the TripActions blog.
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