Palo Alto-based Navan, the all-in-one travel, corporate card, and expense management platform, has raised $300 million in Series G funding at a $9.2 billion post-money valuation.
The round includes $154 million in equity from new and existing investors and a $150 million structured capital transaction led by Coatue. The US firm plans to use the new capital to accelerate global expansion and scale its all-in-one travel and expense management platform.
In the past year, the company has acquired Reed & Mackay, Comtravo, and Resia. It has also launched Navan Expense in Europe and opened new offices in Portugal, Germany, France, and the UK.
Navan now employs more than 2,500 people across nearly 60 offices worldwide.
“Navan is building the best travel and expense management solution in the world. The recent funding round shows not only the strength of its business model but also the value to companies looking to increase savings and enable responsible spending. Navan is proof that empowering users through relentless innovation and automation is the future of travel, ” says Navan CEO and co-founder, Ariel Cohen.
Business travel and expense management solution
Despite a global slowdown in travel during the pandemic, Navan focused on innovation, automating travel booking, expense tracking, and corporate payments. It is a comprehensive solution that combines travel management, corporate card usage, and expense management.
The platform offers organisations enhanced visibility and control over their spending. By using real-time data, Navan aims to support travel managers and finance teams in ensuring the safety of travelling employees, managing expenses, and improving overall productivity.
Tools like dynamic travel policy enforcement, real-time reporting, and built-in spending controls have helped clients cut costs and improve efficiency, claims the firm.
