Rocketrip has raised $2.6 million in Series A led by Canaan Partners with participation from Gencast Ventures and other investors.
The New York-based travel management company (TLabs startup pitch here) had previously received $575,000 in angel funding from Genacast Ventures, Y Combinator and angels, bringing the total investment in the company stands at $3.175 million.
The new fund will be used to accelerate product development, and to build sales and client services.
Rocketrip is a platform that helps corporates reduce their travel expenses by encouraging employees to book cost-saving trips (for example: book flights in advance) by still adhering to policies.
Rocketrip achieves this by rewarding employees a part of the cost that is saved in booking.
Founder and CEO Dan Ruch says:
"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$160 billion-a-year US business travel industry.
"As a result, travelers often ‘go rogue’ as the industry calls it, and book travel outside of those systems."
Rocketrip claims it has saved about $20,000 for seven of its customers in three months.
Competitors of Rocketrip includes KDS (recently launched Neo Receipts and Neo Expense), Concur, and Carlson Wagonlit (launched a mobile virtual assistant, Carla)