Company:Navan, Inc.

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Short description: US travel management company
Navan, Inc.
TypePrivate
IndustryCorporate Travel Management
FoundedMarch, 2015
Founders
  • Ariel Cohen
  • Ilan Twig
HeadquartersPalo Alto, California , United States
Area served
Worldwide
Key people
  • Ariel Cohen (CEO)
  • Ilan Twig (CTO)
  • Thomas Tuchscherer (CFO)
Number of employees
2,500[1] (2022)
Websitenavan.com

Navan (formerly TripActions) is an online travel management, corporate card and expense management company.[2][3]

History

The Palo Alto, California–based travel company, TripActions Inc., was founded in May 2015 by Ariel Cohen and Ilan Twig (also the founders of StreamOnce, acquired by Jive Software).[4]

In January 2016, TripActions received $14.6 million series A round led by Oren Zeev Ventures and Lightspeed Venture Partners with participation from Group 11. The company officially launched out of stealth mode and announced their funding in January 2017.[5] In October 2017, the company announced that they had raised an additional $12.5 million led by Lightspeed Venture Partners with participation from Zeev Ventures and Group 11.[6]

The company moved in June 2017 from Menlo Park, California, to its headquarters in Palo Alto.[7]

In March 2018, the company announced a $51 million Series B round led by the same two investors with participation from prior investors.[7]

In July 2018, TripActions announced its international expansion to Europe with an office in London and their European headquarters in Amsterdam.[2] They shared potential plans to expand to the Asia-Pacific region to scale their customer support infrastructure.[8]

In November 2018, the company announced a valuation north of $1 billion and a $154 million Series C funding round led by new investor Andreessen Horowitz, with participation from repeat investors Lightspeed Venture Partners, Zeev Ventures, and Group 11.[9] Ben Horowitz joined the Board of Directors.

In February 2019, the company announced its new flight storefront in alignment with major airline partners and industry association ATPCO.[10] The storefront includes branding and imagery of cabin classes and amenities for each airline. It works for domestic and international flights, including international-to-international itineraries, and for flights on joint venture partners of American, Delta and United.[11]

Later in February 2019, TripActions was recognized as one of Fast Company's Most Innovative Companies in Travel for 2019.[12]

In June 2019, the company announced its NDC-enabled platform in partnership with United Airlines.[13] At the same time, TripActions raised a $250 million Series D funding round from Andreessen Horowitz, Zeev Ventures, Lightspeed Venture Partners and Group 11. The total valuation of the company reached $4 billion.[14]

In September 2019, the company announced its carbon impact initiative through providing customers visibility into the emission output of their travel programs.[15] In the same month, TripActions was recognized in the Top 20 of the Forbes Cloud 100 award.[16]

In November 2019, the company announced that it had enabled an NDC-enabled direct connection to the Lufthansa Group.[17]

In February 2020, the companylaunched TripActions Liquid, a payment, expense and reconciliation technology integrated into its core platform.[18] Alongside that announcement, the company announced the security of $500 million on credit to fuel the platform.[19]

In June 2020, it raised $125 million in debt financing.[20]

In October 2020, it expanded the TripActions Liquid product by adding broader expense capabilities.[21]

In January 2021, TripActions raised a $155 million Series E round of funding.[22]

In May 2021, the company announced that it had acquired UK corporate travel management specialist Reed & Mackay.[23]

In October 2021, TripActions raised a $275 million Series F round of funding with a valuation near $7.25 billion. It reported having 1500 employees.[24]

In February 2022, TripActions acquired Comtravo, a German corporate travel company with 2,500 clients and 250 employees.[25]

In February 2023, TripActions rebranded to Navan, bringing together its offerings into a travel and expense super app. The palindrome name Navan has roots in the words navigate and avant (as navigate forward).[26][27]

In April 2023, Navan announced its agreement to acquire Tripeur, a Bangalore-based modern travel and expense management company, expanding the Group’s presence in India. The acquisition marked the fifth purchase in two years. [28]

Partnerships

Users can access mobile apps for Uber and Lyft in their mobile travel itineraries while traveling.[29]

See also

References

  1. ↑ "TripActions | Company Overview & News". https://www.forbes.com/companies/tripactions/?sh=33b121c89cf1. 
  2. ↑ 2.0 2.1 Sheivachman, Andrew (18 July 2018). "TripActions Expands Globally With a Focus on Service". https://skift.com/2018/07/18/tripactions-expands-globally-with-a-focus-on-service/. Retrieved 18 July 2018. 
  3. ↑ Wolfe, Bryan (26 January 2017). "TripActions Aims to Eliminate Business Travel Nightmares Forever". https://appadvice.com/post/business-travel-nightmares/736236. Retrieved 10 July 2017. 
  4. ↑ Roof, Katie. "TripActions raises $14.6 million for its corporate travel booking tool". https://techcrunch.com/2017/01/24/tripactions-raises-14-6-million-for-corporate-travel-booking/. Retrieved 6 July 2017. 
  5. ↑ O'Neill, Seab (26 January 2017). "TripActions Raises $14 Million to Trim Rogue Bookings". https://skift.com/2017/01/26/tripactions-raises-14-million-business-travel-booking-travel-startup-funding-this-week/. Retrieved 10 July 2017. 
  6. ↑ Barzilay, Omri. "TripActions Raises $27M To Transform The $1.3T Business Travel Industry" (in en). Forbes. https://www.forbes.com/sites/omribarzilay/2017/10/04/tripactions-raises-27m-to-transform-the-1-3t-business-travel-industry/#7218e70773b7. 
  7. ↑ 7.0 7.1 Josephs, Leslie (2018-03-07). "Start-up TripActions raises $51 million to take on corporate travel giants". CNBC. https://www.cnbc.com/2018/03/07/tripactions-plots-expansion-with-51-million-investment.html. 
  8. ↑ Habtemariam, Dawit (24 July 2018). "TripActions Opens First Non-U.S. Offices". http://www.businesstravelnews.com/Global/TripActions-Opens-First-Non-US-Offices. Retrieved 18 July 2018. 
  9. ↑ "Rapid customer growth momentum propels new-era corporate travel management company TripActions to $154M raise with valuation north of $1B". TripActions. 2018-11-08. https://tripactions.com/tripactions-raises-154m-at-over-1b-valuation. 
  10. ↑ "A New Standard for Booking Flights". TripActions. 2019-02-05. https://tripactions.com/blog/new-standard-for-booking-flights/. 
  11. ↑ "TripActions Adopts U.S. Airlines' Next-Generation Storefront Effort". Skift. 2019-02-05. https://skift.com/2019/02/05/tripactions-adopts-u-s-airlines-next-generation-storefront-effort/. 
  12. ↑ "The World's Most Innovative Companies 2019". Fast Company. 2019-02-21. https://www.fastcompany.com/most-innovative-companies/2019/sectors/travel. 
  13. ↑ "TripActions launches NDC platform in partnership with United Airlines". Phocuswire. 2019-06-11. https://www.phocuswire.com/TripActions-United-NDC-integration. 
  14. ↑ Carson, Biz. "TripActions, A Corporate Travel Startup That Rewards Road Warriors For Booking Cheap Hotels, Is Now Worth $4 Billion" (in en). https://www.forbes.com/sites/bizcarson/2019/06/27/tripactions-corporate-travel-road-warrior-4-billion/. 
  15. ↑ "TripActions surfaces carbon impact data for flights and rail". Phocuswire. 2019-10-02. https://www.phocuswire.com/tripactions-carbon-impact-data. 
  16. ↑ "The Cloud 100". Forbes. 2019-09-11. https://www.forbes.com/cloud100/#13d0b8065f94. 
  17. ↑ "TripActions Connects to Lufthansa Group NDC API". Business Travel News. 2019-11-06. https://www.businesstravelnews.com/Distribution/TripActions-Connects-to-Lufthansa-Group-NDC-API. 
  18. ↑ "TripActions Breaks Into Financial Technology". Skift. 2020-02-28. https://skift.com/2020/02/28/tripactions-breaks-into-financial-technology/. 
  19. ↑ "TripActions secures $500M credit facility for its new corporate travel product". TechCrunch. 2020-02-25. https://techcrunch.com/2020/02/25/tripactions-secures-500m-credit-facility-for-its-new-corporate-travel-product/. 
  20. ↑ "TripActions lands millions in financing as it plans for corporate travel comeback". Silicon Valley Business Journal. 2020-06-16. https://www.bizjournals.com/sanjose/news/2020/06/16/tripactions-debt-ipo-financing-greenoaks-vista.html. 
  21. ↑ "TripActions Expands Into Expense Management With Eye on Rivals Like Concur". Skift. 2020-10-06. https://skift.com/2020/10/06/tripactions-expands-into-expense-management-with-eye-on-rivals-like-concur/. 
  22. ↑ "Scientist-investor Elad Gil is making a big bet that business travel will rebound after Covid". CNBC. 2021-01-21. https://skift.com/2020/10/06/tripactions-expands-into-expense-management-with-eye-on-rivals-like-concur/. 
  23. ↑ "Inflexion exits Reed & Mackay to TripActions" (in en). 2021-05-05. http://www.privateequitywire.co.uk/2021/05/05/299711/inflexion-exits-reed-mackay-tripactions. 
  24. ↑ "Why TripActions' $275M raise has fintech to thank" (in en). 2021-10-13. https://techcrunch.com/2021/10/13/from-0-in-revenue-to-a-7-25b-valuation-why-tripactions-275m-raise-has-fintech-to-thank/. 
  25. ↑ "TripActions Rolls Up Another European Travel Agency With German Acquisition" (in en). 2022-02-08. https://skift.com/2022/02/08/tripactions-rolls-up-another-european-travel-agency-with-german-acquisition/. 
  26. ↑ Schubarth, Cromwell (2023-02-08). "The Funded: TripActions has a new name and a ChatGPT-powered service". https://www.bizjournals.com/sanfrancisco/inno/stories/news/2023/02/08/tripactions-has-a-new-name-and-taps-into-chatgpt.html. 
  27. ↑ Loten, Angus (2023-02-11). "TripActions Rebrands as Navan, Adds ChatGPT to Expense Reports" (in en-US). Wall Street Journal. ISSN 0099-9660. https://www.wsj.com/articles/tripactions-rebrands-as-navan-adds-chatgpt-to-expense-reports-11675740210. 
  28. ↑ Baker, Michael B. (6 April 2023). "Navan to Acquire Indian T&E Platform Tripeur". http://www.businesstravelnews.com/Procurement/Navan-to-Acquire-Indian-T-E-Platform-Tripeur. Retrieved 6 April 2023. 
  29. ↑ "Corporate Travel, Online With Ease And Savings". 31 January 2017. http://www.pymnts.com/news/b2b-payments/2017/corporate-travel-online-with-ease-and-savings/. Retrieved 10 July 2017. 



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