(Reuters) – U.S. corporate travel and expense tech startup TripActions on Wednesday said it raised $275 million at a valuation of $7.25 billion, its second major fund raising event announced this year.
TripActions made a strong comeback from a sharp downturn in business due to the coronavirus pandemic last year that forced it to lay off a quarter of its staff. It has raised $780 million over the course of the pandemic, according to the company.
The latest round was led by San Francisco-based venture capital firm Greenoaks.
TripActions said that it more than doubled its travel budget under management – the amount of travel companies book through TripActions – between February last year to the end of July this year.
TripActions competes with American Express Global Business Travel and Concur Travel. Last year the company launched a credit card called TripActions Liquid and built an expenses platform that makes it possible for employees to never file an expense report again.
(Reporting by Jane Lanhee Lee; Editing by Lisa Shumaker)