The Travel Business Economy
TripActions’s new business funding is a sign of a recovering economy and a harbinger of a returning travel economy — even more notable in light of the industry’s struggling position less than a year ago. Despite the turmoil, however, Ariel Cohen who is the co-founder & CEO of the company, says it’s been a time of great growth.
“While COVID-19 has challenged the entire travel industry, we are grateful to be emerging during this trying time well-positioned thanks to our customers and the dedication of the TripActions team,” he said in a press release. “Despite the events of 2020, we’ve seen accelerated adoption by companies of all sizes and industries, growing our book of business to over $3.6 billion, and adding our largest accounts to-date.”
It’s also a testament to the resilience of the company. TripActions was forced to lay off hundreds of staffers in February as the coronavirus struck and made safe travel impossible. Now, though, with millions of dollars of new funding and a massive new valuation, TripActions is proving that the coronavirus could not kill the startup economy.
The Future of the Startup
With the new startup funding, Ilan Twig, co-founder and CTO of the business, says it will focus on expansion of its offerings and the further development of its financial monitoring software TripActions Liquid Expense.
“2020 tested us all like no other, but the team came together, focusing on customers’ needs with new product capabilities to ensure traveler safety, drive cost savings and efficiently manage global T&E programs,” the company co-founder said. “With this new funding, we’re excited to deliver even more innovation to our customers over the coming months, including expanding our best-in-class, modern travel and spend management platform following the recent launch of TripActions Liquid Expense.”
The Travel Management Software Business Market
What’s more, the market in which the company sits is growing as well. The travel management software industry is growing at a compounded annual rate of 8% and is expected to reach a valuation of $1 billion by 2023, according to market research firm Market Research Future.
It all amounts to a set of hopeful prospects for the company, which has already shown a remarkable ability to rebound amid a startup climate that could have spelled doom for the business but did not. With this recent funding, the business has an even brighter future and will continue to stand out in the travel startup economy.
About the Author
Elijah Labby is a graduate of the National Journalism Center. He has previously written for Broadband Breakfast, a technology and internet policy website.