Rocketrip Raises $15 Million Series C Led by GV
We’re thrilled to announce that Rocketrip has raised $15 million in Series C financing. The round was led by GV (formerly Google Ventures), with existing investors Bessemer Venture Partners and Canaan Partners also participating. In addition to funding, Rocketrip will be getting a new advisor, as GV partner Erik Nordlander joins our board of directors.
Five years ago we set out on a mission to foster workplace cultures where employees and employers are equally invested in each other’s success. Now, leading organizations are driving engagement with their their employees by rewarding them for making smart travel choices and reducing their T&E expenses at the same time. Since we closed our Series B, we’ve made important product updates and cultivated a partner ecosystem to provide users with a better and more seamless workflow.
Thanks to everyone who has helped bring Rocketrip to where it is today. We’re looking forward to the road ahead. You can read about the funding and our plans for the future in the press release below.
Rocketrip Raises $15 Million Series C Led By GV with Participation from Bessemer Venture Partners and Canaan Partners
With $32 million in funding to date, Rocketrip continues its mission to create stronger employer-employee reciprocity while reducing corporate travel costs
NEW YORK – April 25, 2018 – Rocketrip, the loyalty platform that inspires employees to travel smart, announced today that the company has raised $15 million in Series C funding led by GV (formerly Google Ventures) with participation from existing investors Bessemer Venture Partners and Canaan Partners. To date, Rocketrip has raised $32 million in venture capital. In addition, Erik Nordlander, Partner at GV, joins Rocketrip’s board of directors.
“Rocketrip is addressing a major void in business travel and corporate culture,” said Dan Ruch, CEO of Rocketrip. “With support from GV, Bessemer Venture Partners, and Canaan Partners, we can continue delivering significant value to enterprises and create better experiences for business travelers.”
Founded in 2013, Rocketrip is a loyalty platform that inspires employees to travel smart and earn rewards while doing it. In 2017, Rocketrip’s technology helped companies save an average of $208 per business trip. Rocketrip’s platform predicts the cost of a business trip and rewards employees with a portion of the savings when they book below that target. The company aims to create better relationships between employers and employees by fostering greater mutual respect, reciprocity, and choice.
“Rocketrip’s approach to corporate travel is unique in its ability to align employer and employee incentives when it comes to booking travel,” said Erik Nordlander, Partner at GV. “We were drawn to invest in Rocketrip because it has demonstrated significant savings for its growing customer base, rewarding employees when they book business travel in a more cost-effective way.”
Currently, Rocketrip is collaborating with travel management company (TMC) partners to develop new solutions for managed travel programs. The Series C funding will support this innovation and help Rocketrip build out its enterprise sales team as they continue to bring on more Fortune 1000 and enterprise customers.
Global business travel spending is projected to rise from $1.2 trillion in 2015 to $1.6 trillion by 2020. To contain that $400 billion increase, companies increasingly turn to their travel and expense (T&E) vendors for solutions. Rocketrip has become the go-to tool for travel culture and savings by building a partner ecosystem that includes travel management companies, online booking tools, expense management platforms, and reward partners. It’s the first solution that addresses the friction between saving money and thanking employees for the challenges and sacrifices of business travel.
Rocketrip is the employee loyalty platform that inspires team members to travel smart and earn rewards while doing it. With sharp algorithms, a fresh user experience, and meaningful rewards, Rocketrip makes it easy for enterprises to save cash and thank employees for their choices. Rocketrip’s vision is to help build businesses where employers and employees are equally invested in each other’s success. Clients include Pandora, Feld Entertainment, and Twitter.
Founded in 2013 and headquartered in New York City, Rocketrip’s investors include Bessemer Venture Partners, Canaan Partners, Genacast Ventures, GV and Y Combinator. For more information, visit www.rocketripclub.tripprocms.com.