TripActions trades new funds at $9 billion valuation

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Startup TripActions is in talks for a new funding round at a higher valuation, signaling that investors remain interested in some private tech companies amid a plunge in listed stocks and as travel rebounds from the Covid-19 pandemic.

TripActions, based in Palo Alto, Calif., is in talks with investors to raise new funding at about $9 billion, according to people familiar with the matter, who asked not to be identified because the discussions are private.

A TripActions spokesperson declined to comment.

The potential funding round comes as many tech startups, including Klarna Bank AB, Gorillas Technologies GmbH and Gopuff, announced staff cuts to save money amid rising interest rates and inflation. galloping. In the United States, the tech-heavy Nasdaq 100 has fallen more than a quarter so far this year and is trading near November 2020 lows.

TripActions manages business travel and expense reports. The travel company raised $275 million in October from investors including Greenoaks Capital Management LLC, Base Partners and entrepreneur Elad Gil, giving it a valuation of $7.25 billion. At the time, it said its booking volumes had surpassed pre-pandemic levels due to increased market share.

Earlier this month, the company announced a partnership with Deutsche Lufthansa AG on an online travel booking site aimed at small and medium-sized businesses. TripActions has nearly 9,000 customers, including Lyft Inc. and Pinterest Inc., according to its website.

Founded in 2015, TripActions investors include Lightspeed Venture Partners, Addition, Zeev Ventures and Group 11.

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