Palo Alto, California-based business travel startup TripActions Inc. has raised $51 million in a Series B investment round led by venture capital firm Lightspeed Management Company LLC, the company announced Wednesday. Zeev Ventures LLC also participated in the round.
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Founded in 2015 by Israeli-expats Ariel Cohen and Ilan Twig, TripActions develops a business travel management service aimed at saving companies money on their employees’ work-related trips. The system encourages employees to make economic decisions when planning their trips by rewarding actual savings with gift certificates.
In addition to the online service, the company also offers around-the-clock customer support that reaches out to travelers in cases when further assistance is needed, such as flight delays or cancellations.
TripActions has raised $78 million to date.
The company plans to use the recent funding to further develop its technology and expand its market reach.
Lightspeed is a California-headquartered early stage venture capital company, founded in 2000, with additional offices in Tel Aviv, China, and India. The company manages $4 billion in committed capital.
Founded in 2017 by Israeli-expat angel investor Oren Zeev, Zeev Ventures is based in Palo Alto. Mr. Zeev’s current and past portfolio companies include Palo Alto-based home remodeling and design company Houzz Inc., Israel and California-based automated payments startup Tipalti Solutions Ltd. and Audible Inc. acquired by Amazon in 2008.