Booking management platform Navan announced Thursday that it raised $155 million in a Series E round led by Andreessen Horowitz. The latest round values the unicorn at $5 billion, according to the company.
The Palo Alto-based company’s corporate travel and expense management platform acts as an end-to-end solution for finance teams and travel managers.
“While COVID-19 has challenged the entire travel industry, we are grateful to be emerging during this trying time well-positioned thanks to our customers and the dedication of the Navan team,” Ariel Cohen, co-founder and CEO of Navan, said in a statement.
Despite the onset of the pandemic disrupting travel everywhere, Navan has actually seen accelerated adoption of its services. The company has grown its book of business to over $3.6 billion, according to Cohen.
Last year, Navan launched several additional safety features to accommodate travelers during the pandemic. Among them are an in-app alert system and up-to-date information about lockdowns abroad.
The company will use the fresh capital to invest in product research and development as it continues to scale. Navan is now hiring for dozens of open positions at its San Francisco and Palo Alto-based offices. The company is currently looking to expand its engineering, sales and operations teams, but numerous roles are available across departments.
“Our people are the smartest, most passionate and talented people we’ve ever had the pleasure of working with,” Cohen continued. “They live our mission to deliver the best experience in business travel every day, in every decision.”
More than 4,000 companies are signed on to the platform including big-time Bay Area tech players like Dropbox, AllBirds, Zoom, Lyft and Pinterest.
“Because of [Navan’] end-user focus, we’ve been able to reduce expense report volume, minimize time on manual reconciliation and travel expense monitoring — and, instead, focus on how Lyft’s travel spend contributes to the company’s growth,” Michael Chan, procurement operations manager at Lyft, said in a statement.
Navan has raised more than $790 million in financing to date, according to the company, which has additional offices in Dallas, New York City, Sydney, Amsterdam and London.
