The funding frenzy continues for corporate travel booking and support provider TripActions, which just landed a $154 million Series C investment led by Andreessen Horowitz and including previous investors Lightspeed, Zeev and SGVC. The financing follows the company's $51 million Series B round, which closed in March, and brings TripActions' total investment to $232 million since its 2015 founding.
Securing another major capital infusion so soon after the last round reflects TripActions' growth—revenue grew more than 700 percent year over year in August—and its ambitious plans for enhancing its platform to support that growth, according to CEO Ariel Cohen. TripActions will use the new funding to expand its R&D team and develop tech solutions. That includes scaling its traveler-support infrastructure in order to maintain high customer satisfaction rates as new and bigger clients come onboard, he said.
Initially focused on the small and midsize enterprises sector, TripActions has begun expanding to companies that employ between 10,000 and 15,000, and larger enterprises are to follow. That puts a premium on developing scalable solutions, according to Cohen. "We have high customer satisfaction now, and to maintain that as we grow so fast, we can't hire fast enough," noted Cohen. "The only way to do it is to equip agents with the right tech that will help them better support more customers, so we really want to keep innovating around support."
Among the support solutions set to be enhanced by the new financing round are three services that launched in March:
- Luxe VIP program for executive travel
- Meetings & Events solution for group travel
- Guest Invite Portal, which promises HR departments reduced time spent coordinating candidate travel
Andreessen Horowitz partner Ben Horowitz will join TripActions' board of directors as part of the funding round. Bringing the well-known tech entrepreneur and investor onboard bolsters TripAction's tech operations, Cohen noted. "Ben is a forward thinker who's been behind a lot of successful startups. And he cares a lot about culture, which is a must for building great companies, so we're excited to have him join us," said Cohen.
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