(Bloomberg) -- Startup TripActions is in talks for new round of funding at a higher valuation, signaling investors remain interested in some private technology companies amid a plunge in publicly-traded shares and as travel rebounds following the Covid-19 pandemic.
Palo Alto, California-based TripActions is in discussions with investors to raise new money at around a $9 billion valuation, according to people familiar with the matter, who asked not to be identified because the discussions are private.
A spokesperson for TripActions declined to comment.
The potential funding round comes as many technology startups, including Klarna Bank AB, Gorillas Technologies GmbH and Gopuff have announced staff reductions to save money amid rising interest rates and soaring inflation. In the US, the tech-heavy Nasdaq 100 has fallen by over a quarter so far this year and is trading near November 2020 lows.
TripActions manages corporate travel and expense reporting. The travel firm raised $275 million in October from investors including Greenoaks Capital Management LLC, Base Partners and entrepreneur Elad Gil, giving it a $7.25 billion valuation. At the time, it said its booking volumes had exceeded pre-pandemic levels because of increased market share.
Earlier this month, the firm announced a partnership with Deutsche Lufthansa AG on an online travel booking site aimed at small and medium-sized businesses. TripActions has nearly 9,000 customers, including Lyft Inc. and Pinterest Inc., according to its website.
Founded in 2015, TripActions’ investors include Lightspeed Venture Partners, Addition, Zeev Ventures and Group 11.
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