TripActions, a US-based corporate travel and expenses management platform backed by aerospace company Lufthansa, raised $155m in a series E round yesterday co-led by Andreessen Horowitz, Addition and private investor Elad Gil.
Zeev Ventures, Lightspeed Venture Partners and Greenoaks Capital also supported the round, which increased TripActions’ valuation to $5bn.
Founded in 2015, TripActions has built a corporate travel and expenses management platform that relies on artificial intelligence to provide insight into flight, lodging and rental car offerings, and provides around-the-clock access to travel agents.
The company has added specific functionality to help businesses cope with the pandemic, such as an ability to blacklist travel to specific locations, access to real-time data on travel restrictions and insight into the financial impact of travel changes and cancellations.
The latest cash injection has been allocated to further platform development.
Lufthansa’s digital business unit, Lufthansa Innovation Hub, made an investment of undisclosed size in TripActions in January 2020 when the company expanded into Europe.
Andreessen Horowitz, Zeev Ventures, Lightspeed Venture Partners and Group 11 supplied $250m of series D funding in mid-2019, after the former three had joined SGVC for a $154m series C round in late 2018.
Lightspeed led a $51m series B round in early 2018 that included Zeev, after the same setup of backers had supplied $27.1m of series A capital over two tranches in 2017. A regulatory filing indicates TripActions had already secured nearly $3.4m in seed financing in 2015.
