TripActions, a Palo Alto-based enterprise travel and expense management platform, raised $275 million in Series F funding led by Greenox Capital at a valuation of $7.25 billion.
why it matters: It has the dark colors of last month’s tech darling Toast, a hot startup that started hundreds in the pandemic as its revenue eroded, before recovering with a valuation vengeance.
- Other investors include Elad Gil, Base Partners and insider Andreessen Horowitz, Lightspeed Venture Partners, Group 11 and Zeev Ventures.
Bottom-line: “The latest funding … points to TripActions being an expense management company, more broadly, than a primarily corporate travel startup,” writes Nerdshala’s Mary Ann Azevedo.
- “This means it is in the category of fast-growing fintechs like Brakes and Ramps. But the biggest difference, [CEO Ariel] Cohen’s view is that those two companies are ‘different from Travel’ and thus focus more on SMEs while TripAction is more focused on venture companies.”