Oct 13 (Businesshala) – US corporate travel and expense tech startup TripAction said on Wednesday it raised $275 million at a valuation of $7.25 billion, its second major fund-raising announcement this year.
TripActions made a strong comeback last year from a sharp drop in business caused by the coronavirus pandemic, which forced it to lay off a quarter of its workforce. According to the company, it has raised $780 million during the pandemic.
The latest round was led by San Francisco-based venture capital firm Greenox.
TripActions said it has doubled its travel budget under management from February last year to the end of July this year — the amount of travel companies booking through TripActions.
TripActions competes with American Express Global Business Travel and Concur Travel. Last year the company launched a credit card called TripAction Liquid and created an expense platform that made it possible for employees to never file expense reports again.