US fintech Navan’s founders net $25m each in IPO share sale
- ByStartupStory | November 3, 2025
US Fintech Navan’s Founders Net $25 Million Each in IPO Share Sale
Navan Inc., the Palo Alto-based fintech specializing in corporate travel and expense management, recently completed its initial public offering (IPO), raising approximately $923 million by pricing its shares at $25 each, valuing the company at over $6 billion. The IPO included a primary issuance of 30 million shares and a secondary sale of nearly 7 million shares by existing shareholders.
Co-founders Ariel Cohen (CEO) and Ilan Twig (CTO) each sold shares worth around $25 million in the offering. Cohen sold approximately 900,000 shares, netting $22.5 million, while Twig sold 1 million shares, generating $25 million. These transactions represent a significant liquidity event for the founders and early investors after years of development and market challenges, including rebranding from TripActions to Navan and setbacks triggered by the COVID-19 pandemic.
Navan’s IPO has been notable amid a volatile market environment, including a US government shutdown causing delays in regulatory review. Despite a rocky market debut with shares trading slightly below the IPO price, the financial outcome marks one of the largest exits for a one-person venture capital firm led by angel investor Oren Zeev, who initially backed the company and remains a key shareholder.
Navan employs around 3,400 people globally with a strong R&D center in Israel. Besides the founders, senior employees collectively sold approximately $15 million worth of shares. Key venture capital backers include Lightspeed Venture Partners and Andreessen Horowitz, who also benefited from significant paper gains in the public listing.
In sum, Navan’s IPO enabled its founders to unlock substantial value through their share sales, signaling confidence in the corporate travel technology sector’s recovery and growth prospects, even as public market volatility persists.
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