TripActions raises $304 million

Navan, the all-in-one travel, corporate card, and expense management company, announced its Series G financing at a post-money valuation of $9.2 billion. The raise is a combination of $154 million in equity from new and existing financial investors as well as a $150 million structured capital transaction led by Coatue.

In April, travel insurance provider Battleface announced a partnership with TripActions.

The funding will be used to accelerate TripActions’ global expansion, which in the past year includes the acquisitions of travel management companies Reed & Mackay, Comtravo, and Resia, as well as the launch of TripActions Liquid in Europe and office openings in Portugal, Germany, France, and the UK. As of the end of July 2022, TripActions currently has more than 2,500 employees across nearly 60 global offices.

“TripActions is building the best travel and expense management solution in the world. The recent funding round shows not only the strength of its business model, but also the value to companies looking to increase savings and enable responsible spending. TripActions is proof that empowering users through relentless innovation and automation is the future of travel.” – TripActions CEO and co-founder, Ariel Cohen.

“From the start, TripActions revolutionized business travel by automating, personalizing, and professionalizing the experience. Despite a pandemic that brought business travel to a standstill, the company doubled down on innovation and now those bets are paying off in a big way.” – Ben Horowitz, co-founder and general partner at Andreessen Horowitz.