Mondee Buys Rocketrip in a Bullish Bet on Biz Travel Returning With Plans to Scale Rewards Programs
Photo Credit: An image of a traveler staying at lodging that's part of the Airbnb for Work program. Business travel is set to rebound as the pandemic wanes, and Mondee, a travel tech company, has bought Rocketrip, a New York City-based startup that incentivizes employees to restrain their business travel spending. Airbnb
Skift Take
Expect other travel tech players to pick up promising startups at a discount during the pandemic.
Companies spent $1.4 trillion on business travel in the year before the pandemic, and road warriors inflated some of that spending by being careless with their bosses' money. But once business travel rebounds, supervisors may keep a closer eye on travel accounts.
That's the thinking of Mondee, a travel tech company in Foster City, California, which said Wednesday it had bought Rocketrip, a New York City-based startup that incentivizes employees at companies such as iHeartMedia, Feld Entertainment, and Twitter, to restrain their business travel spending in exchange for rewards.
The companies didn't reveal terms of the transaction. Mondee has in the past year received investment from TCW Group, an asset management firm.
The sale gave a safe landing for Rocketrip i
