Concur announced its $150 million "Perfect Trip Fund" today, and has already invested $2 million in one travel start-up.
Looking to create a travel service start-up? Now might be the perfect time, as the online travel management company Concurannounced today that it is launching a $150 million investment fund for travel-based start-up companies.
Titled the "Perfect Trip Fund," the Redmond, Washington-based company’s investment pool will award funding to emerging travel and booking start-ups that can merge with Concur’s Connect Platform, a branch of the Concur T&E Cloud service that connects travel services and apps.
"Along with our own path of innovation, we want to tap in to the creativity and entrepreneurship of the many smart companies in which we’ve invested," Concur Chairman and CEO Steve Singh said in a statement.
The company kicked off the fund's launch by announcing that it had already invested $2 million in the start-up company Evature, a multi-lingual travel search engine. Concur has funded other travel start-ups such as hotel digital marketer Buuteeq, hotel locator Room 77, price tracking service Yapta, and more, though not as part of the Perfect Trip Fund initiative.
"Entrepreneurs like Evature are developing the next set of innovations that will help drive the state-of-the-art in our industry, ultimately delivering a better travel experience," Singh said in another statement.