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Navan, Inc.
Navan (formerly TripActions) is an online travel management, corporate card and expense management company.[2][3] HistoryThe 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] PartnershipsUsers can access mobile apps for Uber and Lyft in their mobile travel itineraries while traveling.[25] See alsoReferences
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