Rocketrip has landed US$2.6 million in Series A round of funding led by Canaan Partners, with participation from Genacast Ventures and others investors.
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The company has received previous funding from Genacast Ventures, Y Combinator and angel investors.
The new funds will be used to accelerate software and product development, as well as build sales and client services.
Rocketrip, based in New York, is a platform that helps companies save money on travel expenses by rewarding employees for booking under budget, such as advanced purchase of flights, by sharing a percentage of the savings in the form of cash and gift cards. Its algorithms integrate a company’s travel policy with real-time trip pricing and availability to create a personalised Smart Budget for each trip. Employees are free to book using their favourite travel websites.
Dan Ruch, founder & CEO of Rocketrip, said, “Legacy corporate travel systems that are designed to streamline the travel process and enforce policy, in fact create friction with employees and drive non-compliance in today’s US$160 billion-a-year US business travel industry.
“As a result, travellers often ‘go rogue’ as the industry calls it, and book travel outside of those systems.”
According to Rocketrip, in three months of early pilot testing seven of its customers saved nearly US$20,000 across 100 trips. This represents a higher-than-expected 25% reduction in travel spend.
