TripActions Raises $125 Million for Corporate Travel: Travel Startup Funding This Week
Skift Take
The latest batch of travel startups to raise funding has focused on themes of corporate travel, integrating mobility services like airport transfers into travel apps, giving hotels guest engagement tools, aggregating destination experiences, and providing technology for managing short-term rentals.
This week, travel startups announced more than $160 million in funding.
>>TripActions, which helps companies manage their business travel, has received $125 million in a convertible debt financing round. Greenoaks Capital led the financing, with Vista Credit Partners participating.
TripActions, founded in 2015 and based in Palo Alto, California, raised a $250 million venture equity Series D round in June 2019, led by Andreessen Horowitz.
"Over the last three months, we've seen enormous growth, as enterprises switch to modern T&E [travel and expense] management with TripActions, including three new large enterprise customers," said Ariel Cohen, co-founder and CEO. "We added $450 million in travel budget under management to bring our total to more than $2.8 billion despite Covid-19."
The company is looking to expand in Europe in particular and expand its payments technology offering.
>>Splyt, which helps integrate mobility apps into travel platforms and superapps, has closed a $19.5 million Series B investment round to support its expansion.
SoftBank, the Japanese conglomerate, led the investment and took a significant share in the st
