admin TripActions has been invested by more than $450 million in venture funding. Even after this monumental funding, this is its first-ever, what is lately being called as “strategic investor,” Lufthansa Group and has cemented a planned “extensive” business partnership between them.
We are always looking to deliver a win-win-win in corporate travel,” said co-founder and CEO of TripActions, Ariel Cohen. He added, “Our expansion into Europe combined with our strategic partnership with Lufthansa delivers a win for business travellers with expanded inventory choice and transparency. It’s a win for finance leaders and travel managers with greater spend visibility and control. And it’s a win for Lufthansa as we innovate together to delight our joint customers.”
“It’s about time that companies in Europe no longer have to compromise with antiquated corporate travel management products and services,” added Cohen.
Commenting on his company’s partnership policy, he added “we’ve demonstrated in the US that our state-of-the-art travel management technology paired with our best-in-class travel agency service is the only choice for organisations and their road warriors. Our partnership with forward-thinking supplier partners like Lufthansa will further fuel our rapid expansion by empowering more enterprises and their travellers to seize travel as a strategic lever for growth.”
“We are excited to enter into this strategic partnership with TripActions to foster modern airline retailing to the benefit of our corporate customers,” Tamur Goudarzi Pour, senior vice president of revenue management and distribution at Lufthansa Group Hub Airlines, said.
He added, “Jointly we aim to develop a unique customer experience and are committed to shaping the industry through our joint distribution innovation.”
This investment is an aftermath of the ongoing expansion plan of TripActions in Europe as it opened offices in London and Amsterdam in 2018. It also ends the Series-D funding round. In total it raised more than $250 million at a valuation of $4 billion. Since TripActions has now partnered with Lufthansa, it has improved its ability to served European clients multifold and keeping funding, management and operational decisions in mind, the future looks bright for TripActions.
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