Navan (fka Tripactions)

Navan, which operated as TripActions until it rebranded in February 2023, builds software that lets companies book and manage business travel and handle employee expenses and corporate cards in one system. It was founded in 2015 by Ariel Cohen, who serves as chief executive, and Ilan Twig, and is headquartered in Palo Alto, California. Most of its revenue is usage based: in its IPO prospectus the company said usage-based revenue was about 90% of the total, earned at a usage yield of roughly 7% of gross booking volume, with expense management subscriptions making up the remaining 10%.

Oren Zeev, through Zeev Ventures, has sat on the board since April 2015, and Lightspeed Venture Partners joined Zeev in a $14.6 million Series A in January 2016. Lightspeed led a $12.5 million Series B in October 2017 and, with Zeev, a $51 million extension in March 2018. Andreessen Horowitz led a $154 million Series C in November 2018 that valued the company above $1 billion, with Ben Horowitz joining the board, and led a $250 million Series D in June 2019 at a $4 billion valuation. Greenoaks led a $125 million financing in June 2020, followed by a $155 million Series E in January 2021, a $275 million Series F in October 2021 at $7.25 billion, and a Series G in 2022 reported at $9.2 billion. The prospectus records that Premji Invest bought about $100 million of Series G stock between July and September 2022, alongside smaller Series G-1 purchases by Andreessen Horowitz, Lightspeed and Zeev Ventures.

Navan priced its initial public offering at $25.00 per share and began trading on the Nasdaq Global Select Market as NAVN on October 30, 2025. The offering covered 36,924,406 Class A shares, 30,000,000 sold by the company and 6,924,406 by selling stockholders, with Goldman Sachs and Citigroup leading the underwriting syndicate. The listing valued the company at about $6 billion, below its last private mark, and the shares fell about 20% on the first day of trading. The prospectus reported revenue of $536.8 million for the fiscal year ended January 31, 2025, up from $402.3 million, a net loss of $181.1 million, and gross booking volume of $6.6 billion.

For investors, Navan shows a long private hold ending below the peak private price. Zeev Ventures, the largest outside holder before the offering at 18.6% of shares, entered at formation, and Lightspeed entered at the Series A, both about a decade before liquidity. Andreessen Horowitz, holding 12.7% before the offering, came in at the 2018 unicorn round. Investors who bought in the 2021 and 2022 rounds at $7.25 billion to $9.2 billion saw the company list at roughly $6 billion, a reminder that late-stage marks in the 2021 cycle often reset at the public offering.