INSUBCONTINENT EXCLUSIVE:
The coronavirus demand crunch has taken another bite: Palo Alto-based corporate travel-focused unicorn TripActions has confirmed laying off
Business Insider reported the same figure yesterday, and the Wall Street Journal said the layoffs amount to between one-quarter to one-fifth
other roles within the company.In an earlier email to Crunchbase News TripActions confirmed axing jobs in response to the COVID-19 global
ever seen in our lifetimes, and our hearts go out to everyone impacted around the world, including our own customers, partners, suppliers
Every business has been impacted including TripActions
While we were fortunate to have recently raised funding and secured debt financing, we are taking appropriate steps in our business to
severance to sacked staff and medical cover until end of month
saying it is offering severance packages for United States employees that include two months of company-paid COBRA health insurance
coverage, extending health benefits through the end of June, along with a minimum of 3 weeks salary.He added that United States employees
substantial change to the freeze on most business travel in the coming months as rates of COVID-19 infections continue to grow exponentially
outside China.However, TripActions is one of the highest valued and best financed of such startups, securing a $500 million credit facility
for a new corporate product only last month
At the time, Crunchbase recorded $480 million in tracked equity funding for the company, including a $250M Series D TripActions raised in
June from investors including a16z, Group 11, Lightspeed and Zeev Ventures.Before the layoffs, the company had already paused all hiring,
per one former technical sourcer for the company writing on LinkedIn.This post was updated with additional comment from TripActions
