TripActions

“The Best Experience in Business Travel”
Founded: 2015 in Palo Alto, USA

Category: Travel

Primary office: Palo Alto, CA (USA)

Core technical team: Palo Alto, USA

Status: Private

Employees: 1,400

Amount raised: $1.2 billion (8 rounds – February 2020)

OVERVIEW

  • TripActions provides an AI-driven, user interface-enabled platform, which enables organizations manage their travel.
  • The TripAction platform provides travel plan suggestions based on company policies, traveler’s preferences and real-time pricing to users (employees, organizations and businesses), allowing them to make informed decisions and more rapidly
  • The platform also allows customers to have a visibility into the carbon emission of their travels.

 

PERFORMANCE METRICS

  • Valuation – $4 billion (2019)
  • Revenue – $200 million (2019 est.)

 

ACHIEVEMENTS

  • 3000 corporate customers
  • Manages over $1.3 Billion corporate travel budget annually
  • Recipient: 2019 Corporate Travel Management Award (Traverse)
  • Top 20 Honoree: Private Cloud 100 companies of 2019 (Forbes)
  • Premier travel platform with Carbon Impact Initiative

Sells

  • Access to platform for organizational travel management
  • Data for corporate insights – e.g., expense tracking, policy enforcement
  • Online Business Marketplace to connect corporate clients with a large ecosystem of travel and non-travel business support services

Channels

  • User-friendly Interface – Online, Mobile Apps (iOS, Android)
  • NDC- enabled platform providing direct connection to major Airlines (United, Lufthansa)
  • Cross-border operation across 4 countries

Competencies

  • Founder-led Management team with expertise in consumer user friendly interfaces
  • Cloud computing/Artificial Intelligence/Machine learning
  • Environmental responsibility – provides customers with details of carbon emissions of various travel plans

Resources

Assets

  • Strategic partnerships – major Airlines (e.g. Delta, United, Lufthansa Group), Radisson chain of hotels, Rental car suppliers, Expedia, Priceline, Affiliate Network, etc.
  • Largest travel itinerary inventory – integrates with third party booking websites
  • Direct platform integration with Uber and Lyft for seamless travel experience.
  • Information security policy (version 1.7), accessible through company website

Processes

  • 24/7 live customer service support with proactive travel expertise – guarantee of rapid response to inquiries
  • Rewards program to drive engagement and loyalty
  • Highly detailed flight itinerary to aid informed decisions – flight performance, flight amenities with cabin imagery, color-coded compliance with company policy checks, etc.
  • Centralized billing and bill-back options
  • Fast booking experience – takes average of 6 minutes from start to finish when booking travel plan (instead of a 60-minute timeframe through traditional booking approaches)
  • Cybersecurity – TLS and multi-layered encryption, Amazon AWS, two-factor authentication (for sensitive data), data retention, real-time auditing, ongoing monitoring, 3rd party testing, redundancy, recoverability, 99.9% uptime

Priorities

  • Grow diversified workforce
  • Increase travel plan offerings on the platform
  • Increase Airline Partnerships
  • Increase Cross-border operations/drive global expansion

Assertions That Best Describe What the Company Did to Scale Early, Rapidly & Securely

  1. Apply big data analytics to produce information about users, suppliers and customers and suggest questions
  2. Automatically extract the information a user or a customer wants from a vast amount of information
  3. Build and deploy unique and difficult to imitate skills and capabilities to select, combine, and use the resource combinations that create and capture high company value
  4. Increase sales by applying big-data analytics to produce information about users, suppliers and customers
  5. Continuously improve the user interfaces and applications that directly influence the entirety of the customer experience including personalized content, quality messaging, and the delivery and returns process
  6. Continuously seek and receive funding to support the company scaling master plan and improve its brand in the marketplace
  7. Offer a variety of complementary products and services to each market
  8. Increase profitability by enforcing policies and procedures for resource configuration, production and coordination, information search and gathering, bargaining, and accountability and enforcement

References

Crunchbase. 2019. TripActions. https://www.crunchbase.com/organization/nextdoor#section-funding-rounds

Mascarenhas, N. 2019. TripActions raises $250M at $4biliion valuation in largest round to-date. [online]. Crunchbase News. https://news.crunchbase.com/news/tripactions-raises-250m-at-4b-valuation-in-largest-round-to-date/

TripActions website. https://tripactions.com/

Owler. 2019. TripActions. https://www.owler.com/company/tripactions


Contributors

  • Yinka Olanrewaju-Olawepo
  • Dan Craigen