A corporate travel and expense firm, TripActions, increasing its valuation to $9.2B, raised equity and debt.
Provided by investors, a $154M equity round served as funding, along with returning investors Andreessen Horowitz and Premji Invest.
Moreover, Coatue secured a structured financial deal of $150M after the Palo Alto-based company filed to go public confidentially at a $12B valuation.
The Series G financing, totaling $304M (a higher valuation), confirmed prior Bloomberg reports about the company seeking financing.
The transaction included Premji Invest’s Sandesh Patnam joining TripActions board of directors. And as a new board observer – Coatue’s Ventures’ Dan Rose.
TripActions announced that the funding will be aimed at their global expansion, specifically their expense management launch and new offices in Europe. As well as their acquisition of several travel management firms.
While we don’t have any information about any public listing plans, it’s not surprising to see a deal of that scale ahead of a looming IPO. The firm might be using strategic investing to stabilise the process considering the market volatility. However, those scales of valuation never imply stability, as travel startups suffered enough during COVID-19. Yet, TripActions faces this situation by expanding its platform, and diversifying with fintech.
