Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

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.


Ends

For more information please contact:
Peter Allport
Morel Ventures
021 464 460

Jeremy Palmer
Bookrite
021 844 233


© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

OECD On NZ: NZ's Living Standards Framework Positive But Has Gaps

Treasury’s living standards framework reflects good practice internationally but has some data gaps, including in areas where New Zealand fares poorly, the Organisation for Economic Cooperation and Development says. More>>

ALSO:

RBNZ Act Review: Govt Plans Deposit Guarantee Scheme

The Coalition Government today announced moves to make New Zealand’s banking system safer for customers through a new deposit protection regime, and work to strengthen accountability for banks’ actions. More>>

ALSO:

Conduct Review Response: Banks Commit To Removing Sales Incentives

The FMA and Reserve Bank of New Zealand said today that all banks had committed to remove sales incentives from frontline staff and their managers. More>>

Consumer Report: Insurance Market Complaints And Uncertainty

Consumers are paying more than ever for insurance but they’re not getting a fair deal, Consumer NZ’s latest report on the industry shows. More>>

ALSO:

Workers “Blind-Sided”: Sanford Processing Restructure Plan

Up to 30 jobs – almost half Sanford’s Bluff workforce - could be lost if the proposal to move white-fish processing to Timaru goes ahead. More>>