Rocketrip builds an enterprise platform that rewards employees with gift cards when they book travel and transportation under budget. The product gamifies cost-conscious behavior, offering credits redeemable at merchants like Amazon, Bloomingdale's, and Home Depot. CEO Dan Ruch calls it a "behavioral change platform" inspired by Google's internal travel system. Corporate customers include clients such as Twitter and Pandora, and Canaan Partners' Michael Gilroy holds a board seat. Rocketrip reports the average business trip booked through its service saves companies $208. The company plans to expand beyond travel to incentivize healthcare choices (for example, quitting smoking) and to let employers use Rocketrip points to reward community service. Rocketrip is a New York City–based technology platform that helps companies reduce corporate travel expenses. The solution motivates business travelers to save money by rewarding them with points redeemable for gift cards, charitable contributions, travel benefits and other rewards. For each itinerary the platform generates a personalized “Budget to Beat” based on real-time prices for flights, hotels, trains and rental cars. Led by founder and CEO Dan Ruch, the company uses gamified incentives to change traveler behavior and cut travel spend. Rocketrip intends to use the new funding to expand marketing, sales and research and development. The article reports a $9M Series B raise led by Bessemer Venture Partners. Rocketrip runs an incentives platform for business travel that challenges employees to beat pre-set trip budgets; if they do, Rocketrip pays them a portion of the savings and takes a small cut. The company describes its model as a rare everybody-wins arrangement—clients save money, travelers earn cash, and Rocketrip earns when customers save. The product is centered on changing traveler behavior through budgeted trips and cash rewards. Rocketrip has attracted investor interest and recently raised an additional round characterized as an "A1" continuation of its Series A rather than a new stage. The company raised $3 million in this A1 round after a $2.6 million Series A in February, and its valuation had increased going into the A1. Investors in the latest round include Genecast Ventures, Canaan Partners, Paul Buchheit, and CrunchFund. Rocketrip provides a platform that helps companies save on travel expenses by rewarding employees for cost-saving booking behavior. The company uses algorithms that integrate a company’s travel policy with real-time trip pricing and availability to create a personalized “Smart Budget” for each trip. Employees who book under budget share a percentage of the savings in the form of cash and gift cards. The platform also supplies employers with insights and analytics on spending, savings and employee travel behavior to help optimize travel policy and rewards. Rocketrip is led by Founder & CEO Dan Ruch and Co‑Founder & Head of Product and Technology Gillian Tee. The company plans to use new funding to accelerate software and product development and to expand sales and client services.

Total raised

$30M

Funding rounds

4

Latest round

Series C

Latest activity

Apr 2018