INSUBCONTINENT EXCLUSIVE:
If your company lets you expense the nicest hotel when you travel, why wouldn’t youBut what if you got to split the savings with your
employer by selecting a less expensive hotelA New York-based startup called Rocketrip believes most employees will opt to save companies
money if they are incentivized to do so
It’s built an enterprise platform that rewards employees with gift cards if they go under budget on travel and transportation.After five
years of signing up business clients like Twitter and Pandora, Rocketrip is raising $15 million in Series C funding led by GV (Google
Ventures) to keep expanding
Existing investors Bessemer Venture Partners and Canaan Partners are also in the round.Inspired by Google’s internal travel system,
Rocketrip CEO Dan Ruch calls his solution a “behavioral change platform.” Employees “always optimize for self-preservation,
self-interest,” and are likely to book a cheaper flight if it means a gift card at a place like Amazon, Bloomingdale’s or Home Depot,
He said that the average business trip booked by Rocketrip saves companies $208.Ruch believes that Rocketrip has built a currency that
He says some employees even gift Rocketrip points to congratulate colleagues on birthdays and promotions.When it comes to enterprise
platforms, Rocketrip is “one of those unique situations where everyone is really excited to use it,” said Canaan Partners’ Michael
Gilroy, who holds a board seat.Yet Rocketrip is not the only startup looking to help employees make money by cutting on costs
TripActions and TravelBank have also created similar businesses. Gilroy insists that “Rocketrip was first” and that he views the others
a “validation of the model.”Rocketrip hopes to someday expand beyond travel to incentivize healthcare choices, like quitting smoking
It also thinks companies will use Rocketrip points to reward employees for community service
“Any time we can motivate an employee,” there’s an opportunity for Rocketrip, Ruch believes.
