TripActions has raised $155 million in Series E growth funding, ballooning the company’s valuation to $5 billion. This is the travel company’s second massive funding round during the pandemic, adding to the $125 million convertible-to-IPO financing from June 2020.
The company, founded in the US by two Israeli entrepreneurs, says its rapid growth continued through the coronavirus lockdowns and that it added 700 new customers since last March. Since the round last summer, TripActions has expanded its European rail offering by partnering with Trainline for Business and GDS suppliers to offer the ability to book on the Eurostar, UK Rail, Deutsche Bahn, Amtrak, SNCF and Thalys. As travel volumes recover this year, the company plans to increase European headcount by 30 percent, fully doubling the headcount in London. Also the product will become available in German, French and Spanish.
This funding round was led by existing investor Andreessen Horowitz, Addition Ventures, and angel investor Elad Gil of Cosmic Capital. Other previous backers joined as well, such as Zeev Ventures, Lightspeed Venture Partners and Greenoaks Capital.
Photo: co-founders Ariel Cohen and Ilan Twig