Concur, a travel and expense management solutions provider, and owner of popular mobile trip planning app TripIt, is announcing today the launch of a $150 million fund called the ?Concur Perfect Trip Fund,? which will be used to invest in startups focused on innovations in the travel and expense space. Specifically, Concur is looking to fund companies which could integrate with its own Concur Connect platform, powered by the Concur T&E Cloud. This framework connects businesses and infrastructure across the travel and expense ecosystem in real-time.
As a part of today?s announcement, Concur also revealed that it has invested $2 million in Evature, a company whose ?Expert Virtual Agent? (EVA) offers natural-language search for online travel. EVA, a virtual travel agent of sorts, uses natural language processing and artificial intelligence to understand traveler?s requests. The company also mentioned its other startup investments have included?buuteeq, a cloud-based digital marketing system for hotels, hotel search site Room 77, Yapta?s price tracking service, India?s online travel portal Cleartrip, and ground?transportation?startup, Taxi Magic.
Concur CEO Steve Singh said that the idea with the new fund is to ?foster innovation and nurture game-changing technologies that can be leveraged by the entire business travel ecosystem,? he noted in a statement. ?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,? Singh added.
There are several companies already participating as partners within Concur?s T&E Cloud, including consumer-facing startups like Lemon and TravelText; transportation providers Taxi Magic, GroundSpan, GroundScope and Limos.com; mobile-focused partners like Visage Mobile and Tango Card; and health care industry companies including AdvantageMS, Healthcare Data Solutions, MedPro Systems, Porzio Pharmaceutical Services and R-Squared.
We?ve reached out the company to get more info on its investment strategy, and will update when we hear back.
Concur Technologies, Inc. (Concur) is a global provider of on-demand Employee Spend Management solutions. The Company?s software solutions enable organizations to control costs by automating the processes used to manage employee spending. Its solutions unite online travel procurement with automated expense reporting and optimize the process of collecting, submitting, tracking and paying supplier invoices and check requests. Its provides its customers with visibility into their employee spending, which helps to analyze trends, influence budget decisions, and monitor and enforce...
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