TripActions raises $155M at $5B valuation as corporate travel recovers from pandemic lows

This morning TripActions, a software company whose tools help businesses book and manage corporate travel, announced a new $ 155 million investment.

Three investors led the round: prior investor Andreessen Horowitz, Addition Ventures, and Elad Gil. The new investment, a Series E, values TripActions at $ 5 billion on a post-money basis, a company spokesperson wrote via email.

Valuation marks are normally only moderately useful, but in the case of TripActions’ latest round carry more weight.

The company — along with restaurant software unicorn Toast — became something of a poster-child for the impact of COVID-19 on some categories of startups. TechCrunch covered the launch of a new $ 500 million credit facility for a TripActions product called Liquid in late February, 2020. A month later in late March TripActions laid off hundreds of staff as the travel market froze solid.

For a company that had raised $ 250 million at a $ 4 billion valuation in mid-2019, it was a dramatic reversal of fortunes. (TripActions did raise an additional $ 125 million in what it called “convertible-to-IPO financing” last June, when the travel market was especially bleak.)

Today, however, investors are betting on the company’s fortunes, not only providing it with another nine-figures of capital, but giving it a new, larger valuation as well.

An up-round less than a year after layoffs is an impressive recovery, so TechCrunch wanted to learn more about the corporate travel market, TripActions’ bread and butter, and the pace of the venerable business trip’s recovery; as COVID-19 vaccines roll out, how quickly are employees getting back onto planes?

According to a company spokesperson, the corporate travel market is at “20 percent levels as of this month,” while growing between 3% and 6% “week-over-week.” That pace of recovery could have given investors confidence that TripActions’ recovery to at least most of its former strength was merely a matter of time.

TechCrunch also asked TripActions what the corporate travel market will look like in the Zoom-ready, hybrid-work world that many expect. A spokesperson wrote that the company “strongly” believes that corporate travel will come back, “maybe not at 100 percent immediately,” but to 75% “within the next year.”

The spokesperson also wrote that a more distributed working population could actually boost corporate travel. If that bears out, TripActions could wind up in a stronger position post-COVID than it might have managed if the pandemic had never happened. For a unicorn forced to lay off so many workers when its market temporarily disappeared, such a return to power would be a coup.

Returning to the round, TripActions intends to use the new monies to invest in its product. The company highlighted recent feature releases in an email to TechCrunch to underscore the point, including software integrations, adding that it intends to keep working on its finance-focused Liquid product.

The spokesperson also said that the company “will build features on the travel side for distributed teams to meet in-person more easily.” As many anticipate that the days of completely geographically centered companies are over, the decision makes sense.

TechCrunch asked what portion of its previously laid off staff have been rehired to date, and if the new funds will be used to rehire employees that were let go last year. We’ll update the piece when we hear back.

Regardless, from pre-pandemic highs, to a COVID-19 trough, to today with a newly raised valuation and lots of new cash, TripActions’ last year is a future business case study in the making.

Startups – TechCrunch

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Corporate credit card platform Moss raises $25.5 million

German startup Moss has raised a $ 25.5 million (€21 million) funding round led by Valar Ventures. Existing investors Cherry Ventures and Global Founders Capital are also participating. Moss provides credit cards and a spending platform to small and medium businesses in Germany.

The company has developed its own risk engine to come up with a credit card limit for your company. Like Brex in the U.S., Moss promises higher credit card limits compared to credit cards offered by traditional financial institutions.

Again, Moss doesn’t offer prepaid or debit cards — it focuses on credit cards. You can spend within your limit and pay at the end of the month. You don’t need to top up your Moss account to start using it.

Credit cards work on the Mastercard network. Admins can issue a physical card for each employee or each team. You can also issue virtual cards for online payments and subscriptions. You can set different limits for each card.

From the administration panel, you can track expenses, search for specific expenses and see your ongoing subscriptions — it helps you identify duplicates. Users can attach receipts and information to each transaction for accounting purposes.

The company has issued 1,000 credit cards and has processes 10,000 transactions so far. Right now, its clients include startups and tech companies. But Moss expects to expand to other industries soon thanks to today’s funding round.

Moss competes with Spendesk, Revolut Business and others. These corporate card products focus on debit cards. Let’s see if offering credit cards turns out to be an important differentiating feature.

Startups – TechCrunch

German fintech startup Moss, that provides a corporate credit card for your entire spend, raises €21M at a valuation of €100M

Moss

A Berlin-based credit card fintech company, Moss, has reportedly raised €21M in its Series A round of funding led by early Facebook investor Peter Thiel’s US-based firm Valar Ventures. With this funding, the startup is now valued at €100M within just six months after its launch.

The round also saw participation from its existing backers Cherry Ventures and Global Founders Capital. To date, the company has raised a total of €30M.

With the raised capital, the startup aims to accelerate the development of its payment and credit-card platform.

Everything about Moss

The company was founded in 2019 by Ante Spittler, Anton Rummel, Stephan Haslebacher, Harald Wendel, Sergio Lopez, and Nick Mironenko.

Moss is a technology-based payment and credit card platform that enables companies to optimise their finances. Startups, tech companies, and SMEs can issue employee and team credit cards and manage all company spending using the Moss software platform that is powered by a proprietary card issuing and risk engine.

Finance teams maintain full control by having full visibility into transactions made, pre-approving purchases, and adjusting all cards and limits in real-time. Additionally, all expenses can be documented with receipts and assigned to cost centers. At the end of the month, all data can be transferred to any accounting software via user-defined exports.

With Moss, you can identify trends in spending behavior, track changes from month to month, and identify unnecessary expenses and thus save time and money.

Moss virtual cards

To become a Moss customer, your business must be incorporated in Germany and should have raised atleast a €100K in funding from professional investors. The cards are issued by Transact Payments Malta Limited and provided in cooperation with a German partnerbank.

Moss Virtual credit cards are digital credit cards linked to your Moss account. You can start using virtual cards as soon as the company approves it. One can create as many virtual cards as needed with the ability to change limits, freeze, and terminate cards – all in real time.

The company lets you create specific virtual cards for individual merchants, purchases or subscriptions. This helps simplify the accounting process, and is also secure as per the company. You can set an individual card limit for each merchant or purchase, and if you need to block an individual card, your other virtual cards remain active.

Startups – Silicon Canals

Corporate Company or Start Up?

I’m going to be graduating with my bachelors in a couple months and have started applying to jobs and some internships.

I have two offers, for privacy, one is an internship at a big pharma company and the other is a full time job at a series A biotech start up with 25 million in recent funding.

The internship is only 12 weeks while the start up technically has no end date. Both are pretty much equivalent in pay, the start up a is bit more and the responsibilities of the roles are similar.

I’m having trouble deciding which to accept. The internship is great because the company is a big name in pharma and I will have a great opportunity to expand my skill set and network. The drawback is that it’s temporary, and I’d most likely not be offered a full time job at the end of the internship, so will have to line up another job during that time. However, this experience may make it easier to get a full time position.

The start up is great because it’s full time, health insurance, dental, etc and in a research area I don’t have as much experience in, so I’d also expand my skill set. I’m sure I’ll learn a lot as I’ve heard it can be stressful with little work-life balance. A couple drawbacks are that I don’t know the stability of the company (I’m sure more than 12 weeks).

I would love some advice as to hear other perspectives on which may be more beneficial. I’m a soon to be grad so I don’t know much about working in industry.

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