Besides the notion that there are few companies that wouldn't want their employees to save them money, technology that makes business travel more efficient is in high demand from brands that get it.
Each week we create a roundup of travel startups that have received or announced funding that week. The total amount raised this week among companies we tracked was $10.2 million.
Here are two companies that announced they raised funding this week and see previous roundups here.
>>Rocketrip raised a $9 million Series B round from new investor Bessemer Venture Partners and existing investors Canaan Partners and Genacast Ventures bringing the New York City-based startup’s total funding to $17.1 million.
Rocketrip is aimed at reducing corporate expenses by incentivizing business travelers to save on purchases. The company rewards business travelers when they save on trips with points they can redeem for gift cards, charitable contributions, travel benefits and other rewards. Its website claims it can save companies up to 30 percent per employee.
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.
When employees book under budget they split the savings with their company. The company said its clients saved an average of $301 per trip, or 27.6 percent against their trip budgets, during the first quarter.
>>Travel Compositor raised a $1.2 million venture round from new investor Caixa Capital Risc and this is the Santiago de Guayaquil, Ecuador-based startup’s first funding round.
The company was founded in 2014 and helps travel brands build out their booking and sales engines on their websites.
The Daily Newsletter
Our daily coverage of the global travel industry. Written by editors and analysts from across Skift’s brands.
Have a confidential tip for Skift? Get in touch
Photo credit: Rocketrip helps incentivize business travelers to save on purchases. Rocketrip