TripActions Raises $300M, Increases Valuation to $9.2B

TripActions, a travel, corporate card and expense management company, raised a $300 million Series G, giving it a $9.2 billion post-money valuation.

The $154 million equity round includes investors Andreessen Horowitz and Premji Invest, while the $150 million financing deal is with Coatue.

The Palo Alto-based company was recently said to have filed confidentially to go public in the second quarter of next year at a $12 billion valuation.

The announcement comes as the platform recorded a surge of more than 7.5x in spend volume, and gross bookings increased by more than five times year-on-year in its latest fiscal quarter.

TripActions has acquired three travel management companies over the past year, launched a card-led automated expense management platform called TripActions Liquid in Europe and opened offices in Portugal, Germany, France and the United Kingdom.

This is TripActions’ third financing round in three years. Its last round was in October 2021 when it raised $275 million at a $7 billion pre-money valuation.

Trip Actions has added Premji Invest Managing Partner Sandesh Patnam to its Board of Directors and Coatue Ventures Chairman Dan Rose as Board Observer.

Other investors in the company include Base Partners, Elad Gil, Greenoaks Capital Management, Zeev Ventures, Lightspeed Ventures and Addition Ventures.