TripActions, a Palo Alto, CA-based business travel and spend management platform, raised $155m in Series E growth funding.
The round was led by existing investor Andreessen Horowitz, Addition, founded by Lee Fixel, and investor Elad Gil, with participation from existing investors Zeev Ventures, Lightspeed Venture Partners, and Greenoaks Capital.
The company, , which has raised more than $790m in funding to date and whose valuation increased to $5 billion, intends to use the funds to expand its business reach.
Led by Ariel Cohen, co-founder & CEO, and Ilan Twig, co-founder & CTO, TripActions delivers a cloud-based travel and spend management platform. Since March, the company has launched more than 40 major new product enhancements and capabilities including a COVID-19 dashboard, spend analysis dashboard, enhanced traveler safety reporting, automated unused ticket technology, etc. The company helps more than 4,000 customers manage more than $3.6 billion in travel budget annually.