Rocketrip is a New York startup that helps companies save money when employees travel. Their approach is novel, yet simple and effective. Let’s say you have a company that provides sophisticated engineering products. Because of the nature of the product / service you provide you constantly need to send employees out to see clients for various reasons. Travel can be expensive, especially short notice trips. Your employees don’t always have the time to research a trip and come up with a cost effective budget.
Rocketrip provides a real-time Budget to Beat. How do they do it? They create algorithms that identify real-time pricing for transportation and incorporates this information in a customized budget. If employees stay within that budget they get rewards which will certainly incentivize most people. Employees can book a trip using their favorite travel sites, all they have to do is stay within the budget. Like I said earlier, novel, yet simple and effective.
Rocketrip has issued estimates that indicate it saves clients an average of $301 per trip. They also estimate they save approximately 27.6% beneath trip budgets. Rocketrip is targeting companies that spend at least $1 million on travel, with its largest customer spending $365 million on business trips last year.
Rocketrip had previously raised over $8 million in funding from Y Combinator, CrunchFund and others. Currently, they are raising an additional $9 million in funding led by Bessemer Venture Partners with participation from existing investors, Canaan Partners and Genacast Ventures.
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