Corporate travel startup TripActions raises $275 million, valued at $7.25 billion


FILE PHOTO: A man walks with his luggage at Fiumicino Airport near Rome, Italy, May 17, 2021. REUTERS/Remo Casilli

(Reuters) - U.S. corporate travel and expense tech startup TripActions on Wednesday said it raised $275 million at a valuation of $7.25 billion, its second major fund raising event announced this year.

TripActions made a strong comeback from a sharp downturn in business due to the coronavirus pandemic last year that forced it to lay off a quarter of its staff. It has raised $780 million over the course of the pandemic, according to the company.

The latest round was led by San Francisco-based venture capital firm Greenoaks.

TripActions said that it more than doubled its travel budget under management - the amount of travel companies book through TripActions - between February last year to the end of July this year.

TripActions competes with American Express Global Business Travel and Concur Travel. Last year the company launched a credit card called TripActions Liquid and built an expenses platform that makes it possible for employees to never file an expense report again.

(Reporting by Jane Lanhee Lee; Editing by Lisa Shumaker)

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