As Covid-19 pummelled travel startups, TripActions secured $125 million to keep the company afloat, even after taking a 95% revenue hit by DavidJeans2
as efforts to raise money floundered. “Everybody’s taking the same hit,” says Scott Solombrino, CEO of the Global Business Travel Association, a trade group. “The question is, how will people survive it?”
Launched in 2015, TripActions provides an online portal for companies to organize and book corporate travel and organize expenses. Promising to turn around the archaic corporate travel sector, it became one of the fastest growing startups in Silicon Valley. In the space of eight months, TripActions raised $400 million in two funding rounds led by Andreessen Horowitz, and previously raised from investors including Lightspeed Venture Partners and Zeev Ventures.
The company is hoping that one bright spot moving forward will be its corporate credit card product, Liquid. In addition to the $500 million credit facility, provided in February by Silicon Valley Bank, Goldman Sachs and Comerica Incorporated, the company will use a portion of its new funding to invest in research and development of Liquid. The platform has just 43 corporate customers today, but Cohen says “it could be as big as our travel business, if not bigger.
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