TripActions, a business travel management startup, raised a $154m Series C at a $1.2B valuation — galloping to unicorn status in less than 3 years by targeting a lucrative niche segment: corporate travel.
The business of traveling for business
Turns out, employees aren’t satisfied sleeping on a friend of their boss’ sofa — and it’s created an entire industry.
Founded by Ariel Cohen and Ilan Twig in 2015, TripActions offers a one-stop-shop for business travelers by integrating with HR and expense-tracking systems for flights, hotels bookings, and transportation.
Investors are packing their bags
TripActions picked a lucrative vertical: The online travel market is expected to grow to $817B by 2020. In 3 years, TripActions has attracted more than 1k corporate customers, growing 700% this past year.
Investors are also keen on the scene. TripActions has raised $231.5m so far, and as a part of this most recent round of funding Ben Horowitz (yes, that Horowitz) has joined the company’s board.
TripActions plans to use its funding to make its systems even smarter, investing heavily in R&D and machine-learning improvements.
[Disclaimer: TripActions is an advertiser with The Hustle. Our advertising and editorial teams operate independently and this does not impact our coverage.]