Listen to this articleTripActions recently raised $155 Million in Series E funding, here is our recent interview with Ariel Cohen, CEO of TripActions:
Q: This is the first time we have spoken. Can you provide a brief overview of TripActions?
A: Fast becoming the default for corporate travel and expenses, TripActions is the leading, end-to-end cloud-based T&E platform that combines industry-leading tech with best-in-class travel agency service. Trusted by more than 4,000 companies globally, TripActions empowers organizations with real-time data to make business decisions, paired with flexible T&E management tools that enable them to adapt to changing market conditions to keep traveling employees safe, control costs, and save money.
Q: What are the key benefits of using the TripActions platform for enterprises?
A: If there is anything the pandemic has shown the business world, it’s that access to real-time data — whether that’s understanding the latest travel restrictions, knowing where an employee is physically located at any given time, or finance teams having access to spend and expense transactions that allow them to quickly make fiscal decisions — is a business solution that benefits companies of all shapes and sizes. At TripActions, we believe that the status quo is ultimately just antiquated and out of touch with today’s business needs.
TripActions is the only cloud-based, end-to-end T&E solution on the market. Our competitors still operate in a very antiquated way, with manual reporting and reconciliation processes that can take months.
We’re also leading the charge when it comes to consumer-grade products (like our apps and online booking tools); duty of care via our traveler map; unused ticket automation (a huge issue in this coming year); and the COVID-19 controls we’ve implemented for both travelers and travel managers. Plus, look for more from us soon on new tools for this new future-of-work reality we’re all facing.
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Q: You’ve recently raised $155 Million in Series E funding; can you tell us something more?
A: TripActions’ Series E round was led by existing investor Andreessen Horowitz; Addition, founded by Lee Fixel; and investor Elad Gil. Participation came from existing investors Zeev Ventures, Lightspeed Venture Partners, and Greenoaks Capital. The funding, which increases the company’s valuation to $5 billion, will be used to deliver a seamless, all-in-one travel and spend management platform to help get the world back to business.
TripActions has seen rising demand from companies looking to partner with a travel and spend management provider that can quickly innovate and help businesses better control spend. Since March, TripActions has launched more than 40 major new product enhancements and capabilities, including an industry-leading COVID-19 dashboard, reimagined spend analysis dashboard, enhanced traveler safety reporting, automated unused ticket technology, TripActions Liquid Expense and TripActions Enterprise Edition.
Q: Which enterprises are ideal users of your platform?
A: All of them! First and foremost, businesses will see time savings for accounting teams and much clearer visibility in fiscal planning. With TripActions’ end-to-end solution, there’s no time lost to delayed reporting and much less damage control for unexpected spend by employees.
Additionally, organizations will see more productivity gains, as employees are able to refocus time toward the work that falls under their job role and away from administrative tasks.
Recommended: Q: What can we expect from TripActions in the next 12 months?
A: We definitely think that a more distributed workforce will breed a new category of work travel, with dispersed employees needing to get together once or twice a quarter — this includes employees who perhaps didn’t travel much for work before the pandemic when work still revolved around the idea of a nuclear, physical space. Be sure to watch this space to what we’re doing to address the new future of work over the coming months!
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