Navan, Inc.

Last updated
Navan, Inc.
Company type Private
Industry Corporate Travel Management
FoundedMarch, 2015
Founders
  • Ariel Cohen
  • Ilan Twig
Headquarters Palo Alto, California, United States
Area served
Worldwide
Key people
  • Ariel Cohen (CEO)
  • Ilan Twig (CTO)
  • Amy Butte (CFO)
Number of employees
3,000 [1]  (2022)
Website navan.com

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

Contents

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 services app. The palindrome name Navan has roots in the words "navigate" and "avant" to mean "navigating forward". [26] [27]

In April 2023, Navan announced its agreement to acquire Tripeur, a Bangalore-based modern travel and expense management company, expanding Navan 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

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References

  1. ↑ "TripActions | Company Overview & News". Forbes .
  2. 1 2 Sheivachman, Andrew (18 July 2018). "TripActions Expands Globally With a Focus on Service". Skift. Retrieved 18 July 2018.
  3. ↑ Wolfe, Bryan (26 January 2017). "TripActions Aims to Eliminate Business Travel Nightmares Forever". AppAdvice. Retrieved 10 July 2017.
  4. ↑ Roof, Katie. "TripActions raises $14.6 million for its corporate travel booking tool". TechCrunch. Retrieved 6 July 2017.
  5. ↑ O'Neill, Seab (26 January 2017). "TripActions Raises $14 Million to Trim Rogue Bookings". Skift. Retrieved 10 July 2017.
  6. ↑ Barzilay, Omri. "TripActions Raises $27M To Transform The $1.3T Business Travel Industry". Forbes. Retrieved 2018-03-14.
  7. 1 2 Josephs, Leslie (2018-03-07). "Start-up TripActions raises $51 million to take on corporate travel giants". CNBC. Retrieved 2018-03-14.
  8. ↑ Habtemariam, Dawit (24 July 2018). "TripActions Opens First Non-U.S. Offices". Business Travel News. 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. Retrieved 2018-11-15.
  10. ↑ "A New Standard for Booking Flights". TripActions. 2019-02-05. Retrieved 2019-02-05.
  11. ↑ "TripActions Adopts U.S. Airlines' Next-Generation Storefront Effort". Skift. 2019-02-05. Retrieved 2019-02-05.
  12. ↑ "The World's Most Innovative Companies 2019". Fast Company. 2019-02-21. Retrieved 2019-02-21.
  13. ↑ "TripActions launches NDC platform in partnership with United Airlines". Phocuswire. 2019-06-11. Retrieved 2019-06-11.
  14. ↑ Carson, Biz. "TripActions, A Corporate Travel Startup That Rewards Road Warriors For Booking Cheap Hotels, Is Now Worth $4 Billion". Forbes. Retrieved 2019-06-28.
  15. ↑ "TripActions surfaces carbon impact data for flights and rail". Phocuswire. 2019-10-02. Retrieved 2019-10-02.
  16. ↑ "The Cloud 100". Forbes. 2019-09-11. Retrieved 2019-09-11.
  17. ↑ "TripActions Connects to Lufthansa Group NDC API". Business Travel News. 2019-11-06. Retrieved 2019-11-06.
  18. ↑ "TripActions Breaks Into Financial Technology". Skift. 2020-02-28. Retrieved 2020-12-23.
  19. ↑ "TripActions secures $500M credit facility for its new corporate travel product". TechCrunch. 2020-02-25. Retrieved 2020-12-23.
  20. ↑ "TripActions lands millions in financing as it plans for corporate travel comeback". Silicon Valley Business Journal. 2020-06-16. Retrieved 2020-12-23.
  21. ↑ "TripActions Expands Into Expense Management With Eye on Rivals Like Concur". Skift. 2020-10-06. Retrieved 2020-12-23.
  22. ↑ "Scientist-investor Elad Gil is making a big bet that business travel will rebound after Covid". CNBC. 2021-01-21. Retrieved 2020-02-04.
  23. ↑ "Inflexion exits Reed & Mackay to TripActions". www.privateequitywire.co.uk. 2021-05-05. Retrieved 2021-06-11.
  24. ↑ "Why TripActions' $275M raise has fintech to thank". www.techcrunch.com. 2021-10-13. Retrieved 2021-10-13.
  25. ↑ "TripActions Rolls Up Another European Travel Agency With German Acquisition". www.skift.com. 2022-02-08. Retrieved 2022-02-08.
  26. ↑ Schubarth, Cromwell (2023-02-08). "The Funded: TripActions has a new name and a ChatGPT-powered service". www.bizjournals.com. Retrieved 2023-02-20.
  27. ↑ Loten, Angus (2023-02-11). "TripActions Rebrands as Navan, Adds ChatGPT to Expense Reports". Wall Street Journal. ISSN   0099-9660 . Retrieved 2023-02-20.
  28. ↑ Baker, Michael B. (6 April 2023). "Navan to Acquire Indian T&E Platform Tripeur". Business Travel News. Retrieved 6 April 2023.
  29. ↑ "Corporate Travel, Online With Ease And Savings". PYMNTS.com. 31 January 2017. Retrieved 10 July 2017.
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