Airline prices can toy with your emotions. They go up, they go down, and you never know exactly where you stand.
Yapta has raised $4.2 million for its airfare price-tracking technology that helps you get the best price for a flight. The engine continually monitors flight prices, and you set up custom alerts to receive push notifications when a fare drops. It also helps you get refunds after you buy tickets. You enter your flight details, and if the fare drops after you’ve paid, Yapta helps you get a refund for the difference.
The company claims to have identified over $450 million in savings for travelers since it launched in 2007. In 2012, Yapta released a business-to-business product called FareIQ for tracking corporate airfare. Anyone responsible for managing corporate travel can book flights, and FareIQ tracks fares for each passenger, factoring in different itineraries, the amounts of change fees, and so on. All the information appears on a dashboard, so a travel manager can rebook flights at lower prices when possible. Managers can also see booking history as well as recommendations to help businesses plan more effectively in the future.
“Yapta was originally launched as a consumer traveler play,” said CEO James Filsinger to VentureBeat. “Seeing the success on the consumer side got us to thinking about the applicability of this type of offering in the corporate space. The managed corporate travel air spend in the US alone is over $37B. When you account for international spend, that number jumps to over $170B, so we have tremendous opportunity in front of us to save corporations money on airfare.”
FareIQ now drives a significant portion of Yapta’s revenue. It works with companies that spend between $2 million to $200 million a year on airfare, and to date, Yapta says it has saved customers a total of more than $1 million. In the first seven months, the total value of departed itineraries tracked was $25 million, and 9.7 percent of these itineraries qualified for savings, with an average of $386 identified in savings per qualified itinerary.
Yapta will use this financing to continue developing and strengthening FareIQ. It has closed $4.2 million in its fourth round of venture capital funding, with the option to raise an additional $2 million over the next 90 days. Concur led this round through its Perfect Trip Fund. Concur deals in travel and expense management solutions and formed the Perfect Trip Fund to support travel-and-expense companies. Other investments include hotel comparison engine Room 77, Indian travel company Cleartrip and buuteeq, a digital marketing system for hotels.
This brings its total capital raised to $20.4 million. Yapta is based in Seattle.