TripActions CEO Ariel Cohen

TripActions, the corporate travel startup backed by Andreessen Horowitz’s massive $2.2 billion growth fund, laid off 350 employees across business divisions on Tuesday, Business Insider has learned.
The company had over 1,000 employees prior to the cuts, according to startup database PitchBook, which would mean that the layoffs affected roughly a third of its workforce.
The startup was valued at $4 billion after the Andreessen-led funding round in June and took on a $500 million in debt financing on February 25 when it launched a travel credit card.
Once a rising star among Silicon Valley’s startup set, TripActions business has come to a grinding halt as businesses across the globe implemented travel bans and cities enforced shelter-in-place orders during the coronavirus pandemic.
A company spokesman confirmed the startup was reigning in spending and reducing headcount “in line with the current climate.”
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TripActions, the corporate travel startup backed by Andreessen Horowitz’s massive $2.2 billion growth fund, laid off 350 employees across business divisions on Tuesday, Business Insider has learned.

The company had over 1,000 employees prior to the cuts, according to startup database PitchBook, which would mean that the layoffs affected roughly a third …read more

Source:: Businessinsider – Technology

      

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