October 28, 2015
Rocketrip motivates business travelers to save money on trips by rewarding them with points that can be redeemed for gift cards, cash cards and travel perks. For each itinerary, 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 Rocketrip points. On average, companies that use Rocketrip save 30 percent on Travel and Expenses (T&E).
The Rocketrip extension takes the booking process outside of Rocketrip’s portal and into the travel booking sites that employees prefer to use. The extension detects when users visit a travel site and asks if they are booking a business trip. If the user clicks yes, the Rocketrip extension will automatically generate a Budget to Beat based on the dates and location the user enters into the booking site.
For instance, if an employee searches on Kayak or Expedia for a four-day business trip from New York to San Francisco, the extension will note these parameters and create a Budget to Beat on the fly. That way, the employee can see this budget while reserving a flight or hotel. Previously, employees generated this budget on Rocketrip.com before visiting booking sites. Thus, the extension saves time and makes sure that employees see their potential rewards as they’re making travel decisions.
Notably, the Rocketrip extension also works for companies that use managed travel programs rather than the open market. If employees are required to book through a website provided by a business travel agency or travel management company (TMC), the extension can still generate a Budget to Beat and reward cost-sensitive choices. Currently, the extension is compatible with Google Chrome, and Rocketrip will add support for all major web browsers by the end of 2015.
At core, Rocketrip is a behavioral economics platform that encourages cost-sensitivity. By introducing our new browser extension, we’ve eliminated friction and have created a more automated system that works with travelers in real-time, on the travel websites they already love to use, said Dan Ruch, founder and CEO of Rocketrip. We figured out a way for employees to save the company money and earn rewards without changing anything else about the way they book travel.
Rocketrip 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.