US corporate travel and expense company TripActions said it raised US$304mln from investors in equity and debt-like structured financing on Wednesday, as the company gears up for expansion and a public listing.
The company said the funding includes US$154mln in equity financing from investors including Andreessen Horowitz and Premji Invest, which valued the start-up at US$9.2bn, up from its last round of US$7.5bn.
The US$150mln structured financing comes from Coatue Management’s new fund targeting late-stage start-ups as the initial public offering (IPO) market remains shut.
TripActions' business has rebounded from the pandemic as corporate travel resumes. It says gross bookings in its most recent quarter were up more than 500%.
The company has filed confidentially for an IPO that could land next year, sources told Reuters.
The company said it has no specific timing on a public listing.
“We view the raise more as insurance for us to continue to be very aggressive right in the face of this uncertain market,” said Thomas Tuchscherer, chief financial officer at TripActions. “We are investing for the company to be ready to be a public company."