Navan, Inc.
 Navan logo | |
| Company type | Private |
|---|---|
| Industry | Corporate Travel Management |
| Founded | March, 2015 |
| Founders |
|
| Headquarters | Palo Alto, California, United States |
Area served | Worldwide |
Key people |
|
Number of employees | 3,000[1] (2022) |
| Website | navan.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]
In June 2019, 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.[12]
In November 2019, the company announced that it had enabled an NDC-enabled direct connection to the Lufthansa Group.[13]
In February 2020, the companylaunched TripActions Liquid, a payment, expense and reconciliation technology integrated into its core platform.[14] Alongside that announcement, the company announced the security of $500 million on credit to fuel the platform.[15]
In June 2020, it raised $125 million in debt financing.[16]
In October 2020, it expanded the TripActions Liquid product by adding broader expense capabilities.[17]
In January 2021, TripActions raised a $155 million Series E round of funding.[18]
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.[19]
In February 2022, TripActions acquired Comtravo, a German corporate travel company with 2,500 clients and 250 employees.[20]
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".[21][22]
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. [23]
As rumors mounted in June 2024 that Navan was pursuing an IPO, they appointed former NYSE exec, Amy Butte, as their CFO.[24]
Partnerships
[edit]Users can access mobile apps for Uber and Lyft in their mobile travel itineraries while traveling.[25]
See also
[edit]References
[edit]- ^ "TripActions | Company Overview & News". Forbes.
- ^ a b Sheivachman, Andrew (18 July 2018). "TripActions Expands Globally With a Focus on Service". Skift. Retrieved 18 July 2018.
- ^ Wolfe, Bryan (26 January 2017). "TripActions Aims to Eliminate Business Travel Nightmares Forever". AppAdvice. Retrieved 10 July 2017.
- ^ Roof, Katie. "TripActions raises $14.6 million for its corporate travel booking tool". TechCrunch. Retrieved 6 July 2017.
- ^ O'Neill, Seab (26 January 2017). "TripActions Raises $14 Million to Trim Rogue Bookings". Skift. Retrieved 10 July 2017.
- ^ Barzilay, Omri. "TripActions Raises $27M To Transform The $1.3T Business Travel Industry". Forbes. Retrieved 2018-03-14.
- ^ a b Josephs, Leslie (2018-03-07). "Start-up TripActions raises $51 million to take on corporate travel giants". CNBC. Retrieved 2018-03-14.
- ^ Habtemariam, Dawit (24 July 2018). "TripActions Opens First Non-U.S. Offices". Business Travel News. Retrieved 18 July 2018.
- ^ "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.
- ^ "A New Standard for Booking Flights". TripActions. 2019-02-05. Retrieved 2019-02-05.
- ^ "TripActions Adopts U.S. Airlines' Next-Generation Storefront Effort". Skift. 2019-02-05. Retrieved 2019-02-05.
- ^ 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.
- ^ "TripActions Connects to Lufthansa Group NDC API". Business Travel News. 2019-11-06. Retrieved 2019-11-06.
- ^ "TripActions Breaks Into Financial Technology". Skift. 2020-02-28. Retrieved 2020-12-23.
- ^ "TripActions secures $500M credit facility for its new corporate travel product". TechCrunch. 2020-02-25. Retrieved 2020-12-23.
- ^ "TripActions lands millions in financing as it plans for corporate travel comeback". Silicon Valley Business Journal. 2020-06-16. Retrieved 2020-12-23.
- ^ "TripActions Expands Into Expense Management With Eye on Rivals Like Concur". Skift. 2020-10-06. Retrieved 2020-12-23.
- ^ "Scientist-investor Elad Gil is making a big bet that business travel will rebound after Covid". CNBC. 2021-01-21. Retrieved 2020-02-04.
- ^ "Why TripActions' $275M raise has fintech to thank". www.techcrunch.com. 2021-10-13. Retrieved 2021-10-13.
- ^ "TripActions Rolls Up Another European Travel Agency With German Acquisition". www.skift.com. 2022-02-08. Retrieved 2022-02-08.
- ^ Schubarth, Cromwell (2023-02-08). "The Funded: TripActions has a new name and a ChatGPT-powered service". www.bizjournals.com. Retrieved 2023-02-20.
- ^ Loten, Angus (2023-02-11). "TripActions Rebrands as Navan, Adds ChatGPT to Expense Reports". Wall Street Journal. ISSN 0099-9660. Retrieved 2023-02-20.
- ^ Baker, Michael B. (6 April 2023). "Navan to Acquire Indian T&E Platform Tripeur". Business Travel News. Retrieved 6 April 2023.
- ^ Browne, Ryan (2024-06-03). "$9.2 billion fintech Navan appoints ex-NYSE exec as CFO ahead of anticipated IPO". CNBC. Retrieved 2024-09-02.
- ^ "Corporate Travel, Online With Ease And Savings". PYMNTS.com. 31 January 2017. Retrieved 10 July 2017.