believes it has a solution to reinvent business travel by giving travelers more
choices, better support and incentives to spend wisely.
group of investors believes it, too, to the tune of $51 million.
how much TripActions has secured in a Series B financing round led by Arif Janmohamed,
partner at Lightspeed Venture Partners and joined by Oren Zeev of Zeev
Ventures. This brings the total capital raised to just under $80 million for
the company that launched in 2016.
current system for business travel is severely broken,” says Ariel Cohen, CEO
and co-founder of TripActions.
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," she says.
"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.”
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says its users get access to an inventory of flights, car rentals and hotels that includes options usually found only on consumer travel and deep discount sites.
also uses machine learning technology to expedite the booking process and an
artificial-intelligence-powered support platform that alerts its agents if a
customer misses a connection and automatically suggests alternatives.
most unique feature is its incentive program, which rewards travelers with
Amazon gift cards or credits for personal vacations when they choose cost-effective
hotel rooms or flights.
Since its launch, the company
says the number of customers and travelers under management has doubled every
quarter, and bookings grew 12 times in 2017.
TripActions also says its customers
save an average of 27% on their travel spend and enjoy 97% traveler
“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,” says Arif Janmohamed, partner at
“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 funding
to build out its technology platform and strengthen its operations globally.