Now, the maker of travel and entertainment expense management software is formalizing its investment program, creating a new $150 million fund for emerging travel-oriented startups. The goal, according to the company, is to meet the “needs of business travelers, the companies that they work for and the suppliers that serve them.”
Dubbed the Concur Perfect Trip Fund, CEO Steve Singh said that they are leveraging their balance sheet to “foster innovation and nurture game-changing technologies.”
Concur has a market value of $3.35 billion. It finished its fiscal fourth quarter with revenue of $117.9 million, and cash flow from operations of $37 million.
In addition to the Seattle area startups such as Buuteeq and Yapta, Concur also holds stakes in companies such as Room 77; Cleartrip and TaxiMagic. Today, it announced a $2 million investment in Evature, which is developing natural-language search capabilities for online travel.
Singh also has been getting more engaged in the startup community around Seattle, for example taking a board seat at materials science upstart Modumetal.
Concur is not alone in terms of carving off a portion of its riches for startup investments specifically tied to its industry. The company’s neighbor, Microsoft, earlier this formed the Bing Fund to help new startups get off the ground.