No 8 Ventures Invests In Travel Technology
Morel Ventures Limited the Wellington based venture capital management company has announced the latest investment by the No 8 Ventures fund.
No 8 Ventures have acquired a 36% interest in Auckland based Bookrite Limited, an internet booking solutions provider to the travel and tourism industry.
Announcing this latest investment, Morel Ventures Director, Peter Allport said that part of the No 8 investment strategy was to consider particular ‘monster’ market sectors of interest and then look for specific investment opportunities within the sector that satisfy their investment criteria.
“The travel and tourism industry is one of those monster markets we have been considering and Bookrite is an excellent investment fit for us within that exciting sector” Mr Allport said.
Bookrite is an application service provider of e-commerce solutions to the travel and tourism industry. At the core, Bookrite adds real-time booking and itinerary building functionality to the web sites of travel and tourism suppliers. This capability represents a break through for suppliers, travel buyers and distribution channels in terms of their ability to extract business value from the connectivity delivered by the internet.
“The Bookrite product has been developed by people with impeccable travel industry credentials who have identified threats to traditional travel distribution channels and have coupled that industry knowledge and experience with state of the art technology to create what we believe will prove to be a world beating ASP offering” Mr Allport said.
“We are delighted that Morel Ventures has appreciated the quality and innovative nature of the venture. We plan to launch it to the travel industry early next year and look forward to revealing more of our plans in due course.” Jeremy Palmer, CEO of Bookrite.
Bookrite was recently the co-winner of the “Great New Zealand Business Venture” with the associated $60,000 prize for their innovative business plan.
No 8 Ventures have initially acquired a 36% interest in Bookrite and have an option to increase that to 45% within the next twelve months.
Mr Allport will immediately join the Board of Bookrite.
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