Seattle price tracking startup Yapta confirmed on Friday it has raised $1.8 million as it looks to grow the business one year after launching a new tool to help corporate travelers snag cheaper hotel rates.
Yapta CEO James Filsinger said the company is looking to add to its 20-person staff and expand the footprint of the services it provides.
“We’ve got great momentum and we’re at a point when we needed some additional funding to continue to expand on that momentum. That’s both on a functionality standpoint, and bringing better and more savings to our clients,” Filsinger said.
The company was originally founded with consumers in mind in 2007. But by 2012 — around the time Filsinger came onboard — it had decided to pivot toward corporate travelers.
Its first tool, called FareIQ, tracks airline prices after a company books a flight. If a ticket becomes cheap enough to cover change fees, the company alerts the user and suggests they rebook the trip.
In most cases, Yapta takes a cut of the savings, and the rest goes to company.
As that business started to take off, last year the company launched a new service — called RoomIQ — that does the same thing for hotel bookings.
Filsinger tells me it’s able to find savings on about 1 in 10 hotels or flights the company tracks. With the funding, it hopes to improve its system and up that success rate.
The company declined to disclose investors in the latest funding round, but since 2007 it has raised more than $15 million. Previous investors include Voyager Capital and Concur through its Perfect Trip Fund.
Yapta is used by over 135 companies, including Shell, Gap and the Gates Foundation. To date, Filsinger says they have combined for more than $15 million in savings.