Another financing top-up, which brings the funding round up to Series G. Is this a sign of an imminent IPO, or has the appetite cooled off?
Corporate travel agency TripActions has raised just over $300 million, involving a combination of $154 million in equity from new and existing financial investors, plus a $150 million structured capital transaction led by Coatue.
This latest Series G financing gives it a valuation of $9.2 billion, the company claimed in a statement.
The funding will be used to accelerate expansion. As of the end of July 2022, TripActions had 2,500 employees across nearly 60 global offices.
Sandesh Patnam, managing partner at Premji Invest, has also joined its board of directors, alongside Dan Rose, chairman at Coatue Ventures, who join as an observer.
The announcement comes after the San Francisco startup cryptically announced on social media that “company news” would be revealed on Oct. 12.
Some industry observers expected that news to be related to a public listing next year, after reportedly filing confidential paperwork with the U.S. Securities and Exchange Commission, at a $12 billion valuation. At the time a spokesperson told Skift: “We have long considered a potential initial public offering as one option to fund the business, but we do not comment on our specific plans or timing.”
However, one financial expert, who wished to remain anonymous, said the fundraise could represent a “bridge”.
“Given what the market has been doing I don’t think the IPO window will open again until the middle of next year,” they said, adding the company would “need something to bridge them until they get to an IPO.”
TripActions said it would not comment on any speculation regarding a potential IPO, or potential public-market valuation.
Meanwhile, on Aug. 12, the travel agency filed a trademark application for the name “NAVAN” with the United States Patent and Trademark Office.
The scope for the trademark covers a wide range of bases, including travel booking and expense management.
However, the company has said it is not rebranding. TripActions told Skift the company “gets trademarks and domains often and it’s not indicative of anything.”
UPDATE: This article has been updated with comments on the timing of a public listing.
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Photo credit: A TripActions ad above an airport bookstore at Heathrow International Airport. Skift