US: Silicon Valley business travel tech start-up TripActions has raised $51 million in series B funding.
The company runs a corporate travel platform that aims to keep businesses’ costs down by rewarding employees with gift cards and other incentives for saving money on business travel. The funding from Lightspeed Venture Partners and Zeev Ventures brings investment in the company to just under $80 million.
Co-founders Ariel Cohen and Ilan Twig say they had been frequent business travellers “hamstrung by the outdated travel management systems their companies used. Like many professionals faced with the traditional options for corporate travel, they usually ended up booking trips that aligned with their schedules and loyalty programs, and not the company policy (or dime).”
TripActions is described as an end-to-end solution that combines booking technology, an inventory of travel options, 24/7 customer support, and an employee incentive program designed to save companies money. Booking and managing travel can be done on the web or via a smartphone. Its website claims to save companies an average of 27 per cent on their travel spend.
The funding will primarily be used to expand the TripAction team, particularly its customer service operations. It currently has 100 employees and plans to triple that this year. Cohen said he wants to open offices in New York, London, Tokyo and possibly other cities. He has no plans to sell the company, he added.</p
