Navan, Inc. Explained

Navan, Inc.
Type:Private
Industry:Corporate Travel Management
Predecessors:-->
Successors:-->
Founded:March, 2015
Hq Location:Palo Alto, California, United States
Area Served:Worldwide
Num Employees:3,000[1]
Num Employees Year:2022
Website:navan.com

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

History

The Palo Alto, Californiabased 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.

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. 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

Notes and References

  1. Web site: TripActions | Company Overview & News . .
  2. Web site: TripActions Expands Globally With a Focus on Service. 18 July 2018. Skift. Sheivachman. Andrew. 18 July 2018.
  3. Web site: TripActions Aims to Eliminate Business Travel Nightmares Forever. AppAdvice. Wolfe. Bryan. 26 January 2017. 10 July 2017.
  4. Web site: TripActions raises $14.6 million for its corporate travel booking tool. TechCrunch. Roof. Katie. 6 July 2017.
  5. Web site: TripActions Raises $14 Million to Trim Rogue Bookings. Skift. O'Neill. Seab. 26 January 2017. 10 July 2017.
  6. News: TripActions Raises $27M To Transform The $1.3T Business Travel Industry. Barzilay. Omri. Forbes. 2018-03-14. en.
  7. News: Start-up TripActions raises $51 million to take on corporate travel giants. Josephs. Leslie. 2018-03-07. CNBC. 2018-03-14.
  8. Web site: TripActions Opens First Non-U.S. Offices. 24 July 2018. Business Travel News. Habtemariam. Dawit. 18 July 2018.
  9. News: Rapid customer growth momentum propels new-era corporate travel management company TripActions to $154M raise with valuation north of $1B. 2018-11-08. TripActions. 2018-11-15.
  10. News: A New Standard for Booking Flights. 2019-02-05. TripActions. 2019-02-05.
  11. News: TripActions Adopts U.S. Airlines' Next-Generation Storefront Effort. 2019-02-05. Skift. 2019-02-05.
  12. News: The World's Most Innovative Companies 2019. 2019-02-21. Fast Company. 2019-02-21.
  13. News: TripActions launches NDC platform in partnership with United Airlines. 2019-06-11. Phocuswire. 2019-06-11.
  14. Web site: TripActions, A Corporate Travel Startup That Rewards Road Warriors For Booking Cheap Hotels, Is Now Worth $4 Billion. Carson. Biz. Forbes. en. 2019-06-28.
  15. News: TripActions surfaces carbon impact data for flights and rail. 2019-10-02. Phocuswire. 2019-10-02.
  16. News: The Cloud 100. 2019-09-11. Forbes. 2019-09-11.
  17. News: TripActions Connects to Lufthansa Group NDC API. 2019-11-06. Business Travel News. 2019-11-06.
  18. News: TripActions Breaks Into Financial Technology. 2020-02-28. Skift. 2020-12-23.
  19. News: TripActions secures $500M credit facility for its new corporate travel product. 2020-02-25. TechCrunch. 2020-12-23.
  20. News: TripActions lands millions in financing as it plans for corporate travel comeback. 2020-06-16. Silicon Valley Business Journal. 2020-12-23.
  21. News: TripActions Expands Into Expense Management With Eye on Rivals Like Concur. 2020-10-06. Skift. 2020-12-23.
  22. News: Scientist-investor Elad Gil is making a big bet that business travel will rebound after Covid. 2021-01-21. CNBC. 2020-02-04.
  23. Web site: 2021-05-05. Inflexion exits Reed & Mackay to TripActions. 2021-06-11. www.privateequitywire.co.uk. en.
  24. Web site: 2021-10-13. Why TripActions' $275M raise has fintech to thank. 2021-10-13. www.techcrunch.com. en.
  25. Web site: 2022-02-08. TripActions Rolls Up Another European Travel Agency With German Acquisition. 2022-02-08. www.skift.com. en.
  26. Web site: Schubarth . Cromwell . 2023-02-08 . The Funded: TripActions has a new name and a ChatGPT-powered service . 2023-02-20 . www.bizjournals.com.
  27. News: Loten . Angus . 2023-02-11 . TripActions Rebrands as Navan, Adds ChatGPT to Expense Reports . en-US . Wall Street Journal . 2023-02-20 . 0099-9660.
  28. Web site: Navan to Acquire Indian T&E Platform Tripeur. 6 April 2023. Business Travel News. Baker. Michael B.. 6 April 2023.
  29. Web site: Corporate Travel, Online With Ease And Savings. PYMNTS.com. 31 January 2017. 10 July 2017.