Venture capital has a diversity problem . BLCK VC , a new organization founded by Storm Ventures associate Frederik Groce and NEA associate Sydney Sykes to connect, engage and advance black venture capitalists, is ready for a new era in the industry. Their mission: Turn 200 black investors into 400 black investors by 2024. “We think of ourselves as an organization formed by black VCs for blacks VCs to increase the representation of black investors,” Sykes told TechCrunch. “You can look around and say well ‘I know five black VCs,’ but you can also say this firm does not have a single black VC, they may not even have a single underrepresented minority … We want to make firms reckon with the fact that there is a racial diversity problem; there is a lack of black VCs and every firm should really care about it.” BLCK VC has been at work since the beginning of 2018, building and expanding a network of black investors in the San Francisco area, Los Angeles and New York. They seek to provide a...
TripActions, one of the most well-capitalized travel startups in Silicon Valley, has raised yet another round of capital valuing the corporate travel manager at more than $1 billion.
Andreessen Horowitz co-founder Ben Horowitz will join TripActions’ board of directors as part of the startup’s $154 million in Series C funding. Lightspeed Venture Partners, Zeev Ventures and SGVC also participated in the round.
Co-founders Ariel Cohen and Ilan Twig said TripActions’ $236 million raised to date, as well as its new “unicorn” valuation, is justified by its 700 percent annual growth rate and more than 1,000 customers.
“We mean it when we say our solution is so good we want to make sure we are bringing it to as many companies, as many employees as possible,” TripActions’ CEO Cohen told TechCrunch. “The main reason to raise more money is just to continue to go for that as fast as we can.”
Cohen and Twig previously co-founded StreamOnce, business collaboration software that was acquired by Jive Software for an estimated $10 million in 2013. They founded TripActions in 2015.
The Palo Alto-based company provides a corporate travel platform that integrates with company HR and expense systems. Using TripActions, business travelers can arrange flights, hotels and transportation, with 24/7 global support from the startup’s staff. Dropbox, Lyft, Twilio, Allbirds and Tuft & Needle are among its customers.
The company has expanded its platform by adding TripActions Luxe, a VIP program for executive travelers; TripActions’ in-house Meetings & Event solution for group travel; and TripActions’ Guest Invite Portal, designed for HR and recruiting teams. It also recently opened its European headquarters, an engineering and data science hub in Amsterdam, and plans to double down on R&D, AI and machine learning with the fresh investment.
Travel companies have been raking in capital this year in what Cohen sees as a big moment for tech startups in the space. The global travel and tourism industry is, after all, one of the most valuable industries, worth some $7 trillion. The online travel market, in particular, is expected to grow to $817 billion by 2020.
“Something is really happening in the industry; something bigger than us,” Cohen said. “Different startups are identifying the opportunity here and the fact that companies want to make sure their employees are happy while they are on the go, that’s why you see investments in companies like Brex and like TripActions.”
“It’s about time that employees really feel great while they are booking their trip, while they are on the go and while they are doing their expenses at the end.”
Comments
Post a Comment