Rocketrip, the startup which has been motivating employees to spend less while they are on business trip, by rewarding them with the gift cards, has announced that it has raised $9 million in funding led by Bessemer Venture Partners. The round also saw the participation from existing investors including Canaan Partners and Genacast Ventures.
Rocketrip, the startup which claims to be saving over 30% on the business trips of the employees, has been around since a while. It works on the real time model of updating the transportation cost along with giving insights to the employers and employees. With a real time Budget-to-beat feature, it offers various spending options to the employees while they are on a business trip and then it rewards those employees with the help of gift card on the basis of the amount they have saved while being on the trip sponsored by their employer.
The startup charges a percentage of the fee from the employer. It manages the record of all the spends done by the employee and its algorithm based engine helps to recommend cheaper possible solutions on a real time basis.