Skift Take
Corporate travel is the theme this week. Companies want to make sure business trip spending is as efficient as possible, and that's where expense management software comes in.
Travel Startup Funding This Week
Each week we round up travel startups that have recently received or announced funding. Please email Travel Tech Reporter Justin Dawes at [email protected] if you have funding news.
Three startups involved in the travel industry announced fundraises this week totalling more than $316 million.
>>Ramp, a platform that helps companies manage a variety of expenses including travel, said it has raised $300 million in series D funding at a valuation of $5.8 billion.
It was co-led by Thrive Capital and Sands Capital, with participation from General Catalyst, Founders Fund, and former American Express CEO Ken Chenault, and other existing investors.
The company has now raised $1.7 billion since it was founded in 2019, according to Crunchbase, including $750 million raised in late 2021 and $300 million in August 2021.
Valuation for this round was lower than the last, according to a blog post by Ramp CEO Eric Glyman.
“While today’s valuation is lower than our peak in late 2021, given the broader startup market valuation reset and increased cost of capital, we know it reflects excepti