Travel management and rewards platform Rocketrip plans to enhance its platform and sales team with $3 million recently raised in Series A-1 financing, the company announced Monday.
Rocketrip founder and CEO Dan Ruch claimed the company's platform, which rewards travelers when they book travel at prices lower than what it determines to be fair market rates, has cut corporate travel costs by more than 20 percent for its pilot customers. Those savings have come not only from adherence to policies, which companies can integrate into Rocketrip, but also from employees using such unorthodox methods of travel as Airbnb, staying with a friend for lodging or using mileage from a personal account to book air travel, the company reported.
Funding from this round will be used "to drive our sales efforts as well as build out our product and engineering team to improve usability and integrate new features," according to Ruch. Combined with a first round of funding that closed earlier this year, Rocketrip has raised $6.2 million; new investors this round include venture capital firm CrunchFund and Gmail creator Paul Buchheit.