Expedia's eLong Creates $100 Million Fund for Mobile Tech
Skift Take
eLong is putting its money, specifically $100 million of it, precisely where the company believes its future is, in mobile hotel technology. This initiative has certain parallels with what Concur is doing in using its own, larger investment fund, to encourage the development of travel startups doing interesting things.
Expedia Inc.'s eLong unit, based in Beijing, says it is creating a $100 million fund to encourage innovations in mobile hotel-booking capabilities.
eLong, the second largest "online travel agency" in China, says it is transitioning from an online to a mobile hotel-booking strategy.
And, that strategy change occurs as eLong unveiled the formation of $100 million Mobile Travel Innovation Fund, generated from its cash balance, to encourage mobile development related to hotel bookings.
CEO Guangfu Cui told analysts that the fund will target external angel investments in startups, venture investments in
