TripActions | October 14, 2021
In less than a year, TripActions has secured a second massive funding round – this time $275 million in Series F growth funding.
The round was led by Greenoaks Capital with participation from prior investors Elad Gil, Base Partners and all key existing financial investors and values TripActions at $7.25 billion on a post-money basis.
The funding comes less than nine months after TripActions' Series E round of $155 million in January. The travel management company's total funding to date is nearly $1.3 billion.
Is an IPO coming soon for the six-year-old company? Michael Sindicich, general manager of TripActions Liquid, the company’s payment and expense management solution, says while an IPO would be a “natural fundraising opportunity and another milestone in our growth,” it is not planned for the near future.
“We’ve got quite a lot of cash. We’re making great revenue. We are not in any rush to take the company public at this time,” Sindicich says. The vote of confidence from investors, he says, confirms TripActions’ belief that travel and expense management is “ripe for a tech makeover.”
Despite the global impact of COVID-19 on travel, TripActions says it has now exceeded pre-pandemic levels in terms of bookings and revenue and has more than doubled its aggregate travel budget under management from February 2020 through the end of July this year.
The gains are due in part to a focus on acquiring new enterprise customers, targeted with the launch of TripActions Enterprise Edition in September 2020. Clients include Heineken, Crate & Barrel, Snowflake, Thomson Reuters and Adobe.
“We were there for these customers, they were switching from legacy travel agencies and booking tools, legacy expense platforms, because we were innovating, we were supporting, we were adapting to the way the new world would operate moving forward and that gave them a lot of confidence to actually make a change.”
Michael Sindicich, general manager of TripActions
Also adding fuel to TripActions' growth in the last 18 months: the launch of Liquid in February 2020, first as a payment solution and then in October 2020 adding expense management tools.
Sindicich says transaction volume is similar for Liquid as for core travel, and more than 90% of the new companies TripActions is bringing onboard use its full suite of solutions for corporate travel, expense, spend and payment management.
“Seventy-percent of expenses happen while employees are on trips,” he says.
“So we’re learning about the power of the end-to-end solution. We built Liquid as a separate team in the beginning... and are now seeing that both platforms together, it’s a one-plus-one-equals-three type of situation.”
Along with continuing to develop these products, TripActions will accelerate development of Lemonade, its personal travel booking solution that launched in October 2020. Lemonade gives employees at TripActions’ client companies’ access to negotiated rates and exclusive deals, notifications about COVID requirements and around-the-clock support for their leisure trips.
The company is also continuing to develop TripActions Team Travel, a self-serve solution that launched in June to facilitate gatherings of distributed employees. Earlier this month it added support for meetings and events to Team Travel, leveraging the capabilities it gained with its acquisition of Reed & Mackay in May.
TripActions will also add staff globally, expand its efforts in Europe, the Middle East and Africa – Europe now represents 30% of TripActions’ business - and, says Sindicich, continue to look for merger and acquisition opportunities.
“We’re always looking for companies that would make sense to acquire and work with and add to the portfolio so this could be another deployment of this capital as well,” he says.
“There’s not a prospect we are announcing or have in mind right now, but it would be natural for us to also look at other opportunities as well since we see Reed & Mackay is working so well for us.”
Sojern | August 25, 2021
Sojern, a leading provider of digital travel marketing solutions, today published a new report titled, “How Travel Marketers Are Activating Digital Advertising in 2021.”
Worldwide Business Research (WBR) Insights surveyed senior decision makers in Asia-Pacific, Europe, North America, and Middle East and Africa who own the marketing budget for a hotel, attraction or tourism brand. These 300 travel marketers shared key challenges faced as a result of the COVID-19 pandemic, which has led them to test new solutions, innovate with new messaging, and generally do more with less.
“The last 18-months have been quite the rollercoaster for travel marketers navigating the global pandemic, but one thing is clear: travel marketers are more focused than ever before on effectively and efficiently spending precious resources to drive a business return,” said Noreen Henry, Chief Revenue Officer, Sojern. “In this environment you need to be agile, data-driven and optimistic—travel is coming back and it’s a great time to take part in that recovery.”
Key findings of travel marketers surveyed include:
56 percent agree that the current environment is ideal for direct response campaigns. Travellers are booking directly because of clearer cancelation or refund policies, coupled with their frustrating experiences navigating online travel agency (OTA) reimbursements for cancelled trips.
88 percent have increased or kept their digital advertising strategy budget the same since COVID-19.
87 percent tightened spending on brand campaigns and increased spending on performance campaigns in 2020.
84 percent rated machine learning and artificial intelligence as top priority for personalisation across channels.
Consumers are eager to travel, and with the increasingly widespread administration of COVID-19 vaccines, the hard hit travel, media, and entertainment industries are all expected to rebound in 2021. The upward swing is already under way, with a surge in domestic and regional tourism, as newly vaccinated consumers exercise the option to travel within their own borders.
Travel + Leisure Group, Sobel Westex | August 27, 2021
The growing suite of consumer products and services developed by Travel + Leisure will soon include at-home luxury inspired by the world’s best destinations and resorts. Travel + Leisure Group has signed a licensing agreement with Sobel Westex – the leading provider of luxury hotel bedding, pillows and linens for the home that offer all of the comfort of a deluxe hotel room – to produce an exclusive collection of luxury linens and accessories. The company’s new product line also includes the Travelpro® x Travel + Leisure luggage collection, which recently extended its retail footprint into several Bloomingdale’s flagship locations, as well as the luxury retailer’s online store.
“Travel + Leisure has been the tastemaker authority on travel and lifestyle for 50 years,” said Noah Brodsky, president of Travel + Leisure Group and chief brand officer for Travel + Leisure Co. “We are incredibly excited for our experts to collaborate with Sobel Westex and other trusted partners to help people live the Travel + Leisure lifestyle with their favorite goods, whether on a dream vacation or relaxing at home.”
Travel + Leisure has partnered with Travelpro, the most trusted luggage brand, to craft the perfect luggage collection — sleek, but with every bit of the functionality for the discerning traveler. From the spacious interior pockets that zip to enclose each side of the suitcase to the deceptively lightweight hard shell exterior, every product detail in the collection is considered with avid leisure travelers in mind.
The Travelpro x Travel + Leisure luggage collection is available for purchase online and exclusively at several flagship Bloomingdale’s retail locations through 2021, with plans to expand into additional stores by the fall. Travelpro x Travel + Leisure luggage can be found in Bloomingdale’s stores at 59th Street in New York City; Aventura Mall in Miami, FL; South Coast Plaza in Costa Mesa, CA; Tysons Corner in Tysons, VA; and Bergen Shops at Riverside in Hackensack, NJ.
Consumers can expect to see the Travel + Leisure linens collection from Sobel Westex available for purchase next year.
The new retail offerings are a part of the group’s larger mission to take the Travel + Leisure brand beyond inspirational content and bring it to life through a curated suite of consumer products and services. In less than a year, the company has already launched an online travel gateway and will soon offer a new subscription travel club, among other new product offerings.
About Travel + Leisure Group
Travel + Leisure Group offers travelers a way to turn vacation inspiration into exceptional experiences through the top online and print travel content, online travel subscription and booking services, and branded consumer products all together in one place.
About Sobel Westex
Sobel Westex is the leading textile supplier in both US and Global textile markets with capabilities that extend beyond the ordinary. Sobel Westex is known for its designs, manufacturing and distribution globally, while being a trusted supplier to world class brands and strategic partners for over 30+ years.