TripActions raises $51 million to boost its business travel service
The company claims that it has never lost a customer in the past 18 months and the number of customers and travelers under management doubled every quarter in 2017.
On Wednesday, TripActions, a business travel startup, said it closed a $51 million Series B funding round.
Businesses hire TripActions to run their travel programs, and the startup rewards employees with Amazon gift cards or credits for personal vacation if the workers book cheaper travel than they might have otherwise.
Lightspeed Venture Partners and Zeev Ventures led the round. The investment brings the total capital raised to nearly $80 million.
The Palo Alto, California–based startup, which has 120 employees, will partly use the funding to open an office in London. It will also use the funding to increase the size of its technical and customer support teams at an average rate of five employees a week through the spring.
TripActions claims that it has never lost a customer in the past 18 months, meaning none have tried the service and switched back to the travel management company it had been previously using.
The company also claims that the number of customers and travelers under management doubled every quarter in 2017, and that 97 percent of travelers at companies that adopt its solution use it to book at least some travel — an adoption rate well above the corporate travel industry average.
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