NEW YORK, July 16, 2015 /PRNewswire/ -- Rocketrip, the first commercially available platform that rewards employees for saving money on business travel, announced today that customers have saved $1 million to date with its program. Users now save an average of $293 per business trip. The company has experienced significant growth in customer count, welcoming brands such as Yieldbot, Sailthru, Etix and Trunk Club.
Rocketrip helps companies manage Travel and Expense (T&E) 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 cards, or gift cards at Amazon, Best Buy, Bloomingdale's, J. Crew and many other retailers.
Rocketrip travelers now beat their budget by an average of 26 percent, or $293 per trip, up from $238 per trip in Q1 2015. The increased savings can be partially attributed to a 9 percent increase in Airbnb stays and a 19 percent increase in employees choosing to fly with low-cost carriers. In Q2, Rocketrip continued to refine its proprietary budget algorithm and introduced more robust reporting tools for travel managers and CFOs.
Kevin Cahill, CFO at Yieldbot, offered the following comments about his experience using Rocketrip during Q2: "Rocketrip has changed the way that the Yieldbot team views business travel. We're now able to invest more money in our customers, employees and growth, as well as provide a sizable and immediate benefit to our business travelers."
"$1 million saved is a huge milestone for Rocketrip and validation that the platform has become a win-win-win for employees, travel managers and CFOs," said Dan Ruch, founder and CEO of Rocketrip. "We're excited to welcome new customers to the platform as we prepare to launch some important new tools and partnerships. There's more we can do to help make the travel experience convenient, cost-effective and rewarding."
Rocketrip (http://www.rocketrip.com) is the first commercially available travel management platform that rewards employees for saving money on business travel. Rocketrip'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 they receive a percentage of the savings when they book under budget. Rocketrip also provides employers with insights and analytics on company spending, savings and employee travel behavior, giving them the ability to optimize their travel policy and rewards program.
Rocketrip is based in New York City and has received funding from Canaan Partners, Genacast Ventures, Crunchfund, Y Combinator and angel investors.