New York travel company Rocketrip bags $2.6M in Series A funding

By VCPOST Staff Reporter

Feb 10, 2014 11:32 AM EST

Rocketrip has secured $2.6 million in a Series A financing led by Canaan Partners. Genacast Ventures and other backers also contributed to the said round, according to Tnooz.

The New York travel management firm had previously closed $575,000 in an angel round from Y Combinator, Genacast Ventures, and other angels. The latest funding brings the company's total raised capital to $3.175 million. The firm will use the new fund to accelerate its product development. The company will also enhance its sales efforts and customer services, the report detailed.

Rocketrip is an online platform that helps companies cut their travel costs by encouraging its workers to book cost-saving flights while still sticking to policies. Rocketrip rewards the employees a portion of the cost saved in the booking process, the report explained.

Founder and Chief Executive Officer Dan Ruch said: "Legacy corporate travel systems that are designed to streamline the travel process and enforce policy, in fact create friction with employees and drive non-compliance in today's $160 billion-a-year US business travel industry. As a result, travelers often 'go rogue' as the industry calls it, and book travel outside of those systems."

According to Rocketrip, it has saved around $20,000 for seven of its clients within three months, Tnooz reported.

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