Rocketrip Closes 2016 with 300% Year Over Year Customer Growth
NEW YORK, Feb. 15, 2017 /PRNewswire/ -- Rocketrip, the leading technology platform for reducing corporate travel costs, today announced record revenue numbers in 2016 and 300% year over year customer growth. In the past four quarters, Rocketrip added leading brands such as GE, Edmunds.com, and Twitter to its customer list.
Rocketrip helps companies reduce travel expenses by motivating employees to save. For every trip, Rocketrip generates a personalized "Budget to Beat" based on real-time prices for flights, hotels, trains and rental cars. When employees book under budget, they split the savings with their company and earn rewards that can be redeemed for cash and gift cards, travel benefits, and charitable donations. Rocketrip users save an average of $259 per business trip.
"The size and caliber of our newly added customers demonstrate that some of the most innovative businesses in the world are turning to incentive-driven travel management," said Dan Ruch, founder and CEO of Rocketrip.
Rocketrip added new product features in 2016 to support the specific requirements of the enterprise market. Copilot, released in August 2016, rewards admins who book on behalf of other employees, and allow companies to adapt Rocketrip's saving split model to fit their requirements. Insights, released in October 2016, aggregates data from all travel vendors - including airlines, hotels, and Airbnb - to present Rocketrip customers with the most comprehensive view of travelers' spending habits and preferences.
In June, Rocketrip raised $9 million in Series B financing, led by Bessemer Venture Partners, with participation from existing investors at Canaan Partners and Genacast Ventures. The funding has supported rapid growth of the Rocketrip team, which more than tripled in size. Key hires include Drew Sechrist, who joined the Rocketrip team as Chief Revenue Officer in September, and Larry White, who joined as VP of Finance in October.
In recent months, Rocketrip has developed strategic partnerships with major travel management companies (TMCs) and expense management platforms, including an integration partnership with leading travel software provider Concur. In 2017 Rocketrip plans to roll out additional key partnerships to integrate its technology with some of the biggest brands in corporate travel management.
Rocketrip won several awards in 2016, including Citi's Smarter Worklife Challenge, where the team was tasked with proposing digital solutions to enhance Citi's talent management efforts. Crain's New York also named Rocketrip as one of the 100 Best Places to Work in New York City.
Rocketrip is the leading tech platform for reducing corporate travel costs. By letting employees keep half of what they save on their business trips, Rocketrip motivates responsible spending. The platform's algorithms integrate a company's travel policy with real-time trip pricing and availability to create a personalized "Budget to Beat" for each trip. Employees book using their favorite travel websites or a travel management company, and Rocketrip provides employers with insights and analytics on company spending, savings and employee travel behavior.
Rocketrip is based in New York City and has received funding from Canaan Partners, Bessemer Venture Partners, Genacast Ventures, Crunchfund, Y Combinator, and angel investors.
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