Alex Ferrara, Bessemer’s New York-based partner, has joined Rocketrip’s board of directors. The company aims to use the funding for the expansion of marketing, sales and research and development.
Dan Ruch, Founder and CEO of Rocketrip, said, “At this point, we have proven product-market fit, a scalable business model, strong industry partners, and support from outstanding investors. This funding round enables us to focus on continued exponential growth. We welcome Alex Ferrara to the board and look forward to working with him on this exciting stage in Rocketrip’s development.”
The NYC-based company, which generates a personalized “Budget to Beat” based on real-time prices for flights, hotels, trains and rental cars, encourages business travelers to save money on tours. In return, the company rewards them with points that are redeemable for gift cards, charitable contributions, travel benefits, and other rewards. The company customizes budget plans with the help of its patented algorithms based on trip parameters, travel policy and market prices.
Rocketrip claims that, its clients saved an average of $301 per trip or 27.6% contrary to their trip budgets in 2016. Moreover, the travel savings have increased 5% from Q4 2015 and more than 28% since Q1 2015.
Alex Ferrara is a partner in Bessemer’s New York office, where he focuses on investments in B2B cloud software, mobility, and financial services stated, “Misalignment of incentives in business travel results in massive unnecessary costs for enterprises, which spend $1.25 trillion per year on business travel. Rocketrip solves this problem by aligning employee and employer incentives, and the company’s impressive customer traction demonstrates that its system works,” said Ferrara. “Here you have this small, very talented and driven team based in NYC that has a bold vision to fix a big problem in the corporate travel market. They’ve established Rocketrip as the market leader in its space, and they’re having a lot of success.”
