US-based expense management company Concur Technologies and Madrona Venture Group (MVG) have come together in a $10m investment in local online hotel marketing company Buuteeq.
Madrona was an early investor in Amazon.com, Farecast, Isilon Systems, iConclude, as well as World Wide Packets.
The latest batch of Series A capital will aid expansion to Europe and Asia and combined with a $2m injection in February this year by existing investors Clark Kokich, chairman of Razorfish and Darin Brown, European President for advertising agency Crispin Porter & Bogusky, and John Keister (vice chairman of Marchex, makes for a total investment of $16.7m.
Angel capital of $1.2m was invested by Equitas Capital in September 2010 which was followed by a co-operative Series A venture of $3.5m between Mike Galgon, Geoff Entress, Benaroya Capital.
That investment was key to the expansion in North and South America. The Seattle-based direct-to-hotel Digital Marketing System (DMS) startup enables hotels to create and manage web and social media presence. The system combines content management, branded digital marketing materials, integrated online reservations, and reporting tools to independent hotels. Since launching in January 2011, the company has signed up 4,000 hotels.