Navan, Inc.

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Navan, Inc.
Company 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[edit]

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[edit]

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

See also[edit]

References[edit]

  1. ^ "TripActions | Company Overview & News". Forbes.
  2. ^ a b 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. ^ a b 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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