Concur Expands Perfect Trip Fund with Strategic Investment in Table8 Table8 adds dining innovation to the leading portfolio of companies who are delivering The Perfect Trip for companies, suppliers and travelers
BELLEVUE, Wash., May 6, 2014 /PRNewswire/ -- Concur (Nasdaq: CNQR) today announced a new investment by the Concur Perfect Trip™ Fund in Table8, a new restaurant platform that offers patrons access to last minute restaurant reservations. Through the Perfect Trip Fund, the Company's initiative to allocate $150 million in capital to invest in and nurture emerging companies in the T&E Cloud, Concur is driving its vision of The Perfect Trip throughout the travel supply chain by creating a travel ecosystem that dynamically responds to the needs of business travelers, the companies that they work for and the suppliers that serve them. This investment is part of a larger $4.6 million round that Table8 announced today.
"Finding a hard-to-get reservation at the last minute is one of the great challenges for the business traveler and Table8 has created a unique and disruptive solution to this problem," said John Torrey, Executive Vice President, Corporate Strategy at Concur. "We launched the Perfect Trip Fund with this exact objective in mind – find the companies who are focused on delivering the perfect trip by innovating around important traveler needs. We are excited when we meet companies like Table8 who can leverage our significant strategic assets to help them realize their vision. Dining is one of the most important elements of delivering the Perfect Trip and Table8 is focused on improving the experience of diners and travelers everywhere."
Table8 provides access to diners seeking to enjoy the best of a city's food scene without making reservations weeks in advance. Their service enables travelers and corporate diners, who often find out about business trips at the last minute, the opportunity to enjoy dinners at the high demand restaurants regardless of time constraints. Table8 is currently in beta in San Francisco and has plans to expand to other cities including New York, London and Chicago in the near future.
"We created Table8 for busy people who don't have the flexibility to plan weeks ahead in order to get a reservation at a city's best restaurants, a description that fits many people in their hometowns and almost every business traveler on the road," said Pete Goettner, co-founder and CEO of Table8. "This financing will enable us to accelerate the roll out of Table8 across the US. We are excited to begin working with Concur to develop on their open platform and make Table8 available through the App Center to bring Table8 directly to their business traveler customers."
Concur® is a leading provider of integrated travel and expense management solutions. Concur's easy-to-use Web-based and mobile solutions help companies, federal agencies and their employees control costs and save time. Concur's open platform enables the entire travel and expense ecosystem of customers, suppliers, and developers to access and extend Concur's T&E cloud. Concur's systems adapt to individual employee preferences and scale to meet the needs of companies from small to large. Learn more at http://www.concur.com or the Concur blog.