Rocketrip raises $15m in its Series C led by GV

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fintech insurtech wealthtech regtech ai cybertech esg news

Rocketrip, employee travel platform, has raised $15m in its Series C funding round led by GV.

Participation to the round also came from Bessemer Venture Partners and Canaan Partners. As part of the transaction, GV partner Erik Nordlander will join the Rocketrip’s board of directors.

Founded in 2013, Rocketrip is a loyalty platform that rewards employees for smarter traveling, with its platform helping companies to save $208 per business trip, last year. If employees spend less money on booking flights, trains, hotels and rental cars, they are rewarded by keeping a portion of the savings they generate.

Through the platform, users can set trip budgets and access real-time tracking for spending and savings.

Rocketrip is currently working with travel management companies to develop new solutions for managed travel programs. Funds from the series will be used to support this initiative, as well as building up its enterprise sales team.

GV partner Erik Nordlander said, “Rocketrip’s approach to corporate travel is unique in its ability to align employer and employee incentives when it comes to booking travel. We were drawn to invest in Rocketrip because it has demonstrated significant savings for its growing customer base, rewarding employees when they book business travel in a more cost-effective way.”

This investment brings the company’s total funding efforts to $32m. Previously, Rocketrip picked up $9m in its Series B round which was led by Bessemer Venture Partners in 2016.

GV has already made two other investments in the FinTech space this year. Earlier in the month, the firm participated in the $133m private placement of Basis, a cryptocurrency backed by an algorithmic central bank.

Its other investment this year was into workforce health management company Collective Health, which netted $110m in funding.

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