Rocketrip, a NYC-based platform to save companies money on travel expenses by rewarding employees for cost-saving behavior, raised $3m in Series A-1 funding.
The round was led by current investors Canaan Partners and Genacast Ventures, with participation from new investors CrunchFund and Paul Buchheit.
The company, which had closed a $2.6m in a Series A round in January 2014 led by Canaan with participation from Genacast Ventures, Y Combinator, and other investors, intends to use the funds to accelerate product development and sales efforts.
Led by Dan Ruch, Founder & CEO, Rocketrip provides a travel management platform to save companies money on travel expenses by motivating employees to save costs. The platform’s algorithms integrate a company’s travel policy with real-time trip pricing and availability to create a personalized Smart Budget for each trip. Employees are set free to book using their favorite travel websites and are rewarded for booking under budget by sharing a percentage of the savings in gift cards for major retailers. It provides employers with insights and analytics on company spending, savings and employee travel behavior, giving them the ability to optimize their travel policy and rewards program.
Much of the savings came from expected shifts in behavior such as choosing the lowest fare at time of booking, purchasing 21+ days in advance, and booking coach over business class.
To date, Rocketrip has raised $6.2m in venture funding.