TripActions is looking at a new round of funding with a higher value, highlighting the investor interest in travel tech companies as the industry recovers, according to Bloomberg on Tuesday (May 24).
The new funding talks come with a $ 9 billion valuation for the company, per the report. The possible funding comes as numerous tech startups have been reducing their staffs with an eye toward keeping money as inflation rises.
As a corporate travel and expense management company, TripActions raised $ 2.75 million from investors last October. At the time, the company said its booking volumes had gone beyond pre-pandemic levels due to more market share.
The firm also recently partnered with Deutsche Lufthansa on a new online travel booking site, which will cater to small and medium-sized businesses.
TripActions also recently bought Comtravo, a travel management company serving Germany, Austria, Switzerland and Scandinavia, with an eye toward making expansions in the UK and Europe.
Comtravo’s services include domestic rail, low-cost carriers and ancillary air travel supply services. The addition will work with TripActions to double the support for travelers.
Read more: TripActions Acquires Travel Management Company Comtravo to Expand European Reach
TripActions also bought Reed & Mackay, a travel and events service, and has also rolled out a corporate travel booking platform with Lufthansa.
It also debuted a FinTech-powered corporate card and expense management solution, Liquid, for the EMEA region.
“TripActions is on the fast track to dominating travel and expense on a global scale,” said TripActions co-founder and CEO Ariel Cohen in the press release. “We’ve invested heavily across Europe over the past year, and Comtravo is the perfect addition to build out our regional offering as the only truly global all-in-one travel, corporate card and expense management solution.”
The company also recently completed a funding round for $ 275 million, putting its value at $ 7.25 billion.