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