Israeli-origin travel technology company TripActions has raised $275 million at a post-money valuation of a staggering $7.25 billion, as global traffic recovers to pre-Covid levels.
Greenoaks Capital led the Series F funding round, the Palo Alto, California-based company said. Elad Gil, Base Partners and all main existing backers including Lightspeed Venture Partners, Zeev Ventures, and Group 11 also joined the new round.
TripActions is now among the most valued Israeli or Israeli-origin startups, ranking in the top ten. Other companies with a higher valuation include Rapyd ($8.75 billion), Snyk ($8.5 billion) and Gong ($7.25 billion).
TripActions, which is essentially a corporate travel company, offers a system that helps managing booking and planning business trips and also helps in managing expenses. The company was founded in 2015 by chief executive officer Ariel Cohen and chief technology officer Ilan Twig.
The new round follows a $135 million Series E round in January this year that valued the company at $5 billion.
Overall, the company has now raised $1.3 billion since it was founded.
TripActions said that traffic volume has now exceeded pre-Covid levels. In the 18 months between February 2020 and July 2021, its aggregate travel budget under management more than doubled and the expense budget under management recorded a massive 1,400% rise.
TripActions was among the scores of travel companies that were ravaged by the Covid-19 pandemic, which brought global travel to a halt in the wake of lockdowns and travel bans across the world.
In fact, in March 2020, the company laid off almost 300 people as its business was severely impacted. Just a month earlier, the company had launched its fintech expense product TripActions Liquid, which it accelerated in the wake of the pandemic, a move that has effectively led to the latest funding.