Business travel technology startup Shep - one of PhocusWire’s Hot 25 Startups for 2019 - has received strategic investment from travel management company FCM Travel Solutions.
Terms of the deal were not disclosed but FCM is taking a minority stake in the business.
Texas, U.S.-based Shep functions as a browser extension that lets companies manage bookings that occur outside of corporate travel policy.
By monitoring activity on more than 70 consumer travel sites, the technology can help companies improve savings, compliance and safety.
Shep’s browser extension can also enforce policy at the point-of-sale and gives managers real-time reporting and the ability to track expenses.
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Says John Morhous, chief experience officer at FCM Travel Solutions: “We’ve had a long relationship with the Shep team and have enjoyed following their success.
“We’re excited to leverage some of this technology into our platforms, as we feel the browser extension is a simple and elegant solution to a problem many of our customers face, which is gaining visibility over spend on travel that happens outside of the managed programs they provide.”
In March, Flight Centre Travel Group, the parent company of FCM Travel Solutions, acquired travel assistance chatbot Sam and increased its investment in 30SecondsToFly, which won the General Catalyst Award for Travel Innovation at The Phocuswright Conference 2019.
Founded in 2016, Shep counts Capital Factory, Moonshots Capital, Plug and Play and former Travelocity Business president Ellen Keszler among its investors.
* Check this interview with Shep's Daniel Senyard recorded at The Phocuswright Conference 2018 in Los Angeles.
PhocusWire @ Phocuswright 2018 - Shep on being a startup in a corporate travel world