Navan, the Palo Alto-based corporate travel and expense management platform, closed its Series G financing round at a post-money valuation of $9.2 billion in October 2022.
The $300 million raise combined $154 million in equity from new and existing investors with a $150 million structured capital transaction led by Coatue.
What is Navan?
Navan tackles the chaotic world of business travel and expense reporting with an all-in-one AI-powered solution.
Founded in 2015 by CEO Ariel Cohen and CTO Ilan Twig, the platform combines travel booking, corporate card management, and automated expense tracking into a single interface.
The company started as TripActions before rebranding to Navan, reflecting its expanded mission beyond travel.
Cohen, who previously co-founded StreamOnce (acquired by Jive Software), saw an opportunity to modernize an industry still reliant on manual processes and fragmented tools.
Company Social Media
| Platform | Link |
|---|---|
| linkedin.com/company/navan | |
| Twitter/X | twitter.com/navan |
| Website | navan.com |
| YouTube | youtube.com/c/navan |
Why This Funding Round Matters?
The Series G came during a critical inflection point. While many travel-focused companies struggled during the pandemic, Navan doubled down on innovation.
Their Q2 FY23 gross bookings surged more than 5x year-over-year as business travel recovered.
The standout performer? Navan Expense, their card-led automated expense platform, recorded over 7.5x spend volume growth in the same period.
This validates investor confidence that companies want unified visibility and control over travel and expense management.
The funding enabled strategic European expansion through acquisitions of Reed & Mackay, Comtravo, and Resia. Navan now operates across 60 offices globally with over 2,500 employees, serving 10,000+ clients including Lyft and Shopify.
Navan Funding History & Valuation
| Round | Amount Raised | Date | Lead Investors | Valuation |
|---|---|---|---|---|
| Series D | $250M | June 2019 | Andreessen Horowitz, Lightspeed | Undisclosed |
| Series E | $155M | January 2021 | Addition, Andreessen Horowitz | $5B |
| Series F | $275M | October 2021 | Greenoaks | $7.25B |
| Series G | $154M (+ $150M debt) | October 2022 | Coatue | $9.2B |
| IPO Target | N/A | October 2025 | Public Markets | $6.45B (target) |
What's Next for Navan?
Navan filed for a U.S. IPO in September 2025, targeting a $6.45 billion valuation on Nasdaq under ticker “NAVN.” The company aims to raise approximately $960 million by offering 36.92 million shares priced between $24-$26.
While the IPO valuation sits below their 2022 peak, it reflects broader market corrections rather than operational weakness.
Revenue doubled to $300 million in 2024, and their AI-powered tools, like the Ava chatbot, continue differentiating them from legacy competitors like SAP Concur.
The key challenge? Maintaining growth momentum while competing against fintech players like Brex and Ramp expanding into expense management. Success hinges on execution as travel spending normalizes and enterprises scrutinize software costs more carefully.
