iPhone travel app gets govt funding

TOM PULLAR-STRECKER
Last updated 11:07 29/11/2012

Relevant offers

Industries

Dispute over planned mall Smiths City's profit dips Chrisco contracts under fire in Australia Auckland Councillors blast Sky City 'corporate welfare' Councils can't force seismic strengthening, court says Details secret as Mighty River Power reaches Lake Taupo deal Lacklustre Christmas sales hit Kathmandu figures Martin Aircraft drops jetpack shareprice MBIE gets poor report card Confidence slips on low milk payout

An Auckland start-up that has developed an iPhone app that lets travellers book same-day hotel accommodation in less than 10 seconds is one of the first two firms to get funding from a new government-backed investment fund.

The fund, Global from Day One, which is managed by Auckland's Icehouse technology incubator and venture capital company Sparkbox Ventures, has invested $150,000 in the online booking start-up, Stay Today.

It has also invested $100,000 in Auckland University business intelligence software spin-off Mohio.

Stay Today believes about 15 per cent of hotel rooms are booked on the day by travellers - representing a $240 million market in New Zealand alone - and it can be hard for those people to shop around, particularly if they arrive in a city late in the day.

Its iPhone app and booking service can be used to arrange last-minute discounted accommodation at participating hotels in Australia and New Zealand. An Android app is in the wings.

Global from Day One has raised $2.3m from private investors, which has been matched by a $2.3m investment from the Crown-owned Venture Investment Fund. The fund aims to invest in a total of about 20 start-ups with "international ambitions" over the next four years.

Ad Feedback

- BusinessDay.co.nz

Special offers

Featured Promotions

Sponsored Content