PricelinefounderfoundedUpsideraisesUSD50million

Huge investment sum to the tune of USD 50 million going into Upside – on the day Jay Walker officially unveils the site.

The startup has been in beta testing for months but used today’s launch to disclose that it has raised the money from a group of investors including Red Ventures and Leucadia National Corporation.

Upside works by rewarding business travellers with gift cards (typically USD 100 or USD 200), if they are willing to be flexible in their travel plans and save costs (typically 15%) for their companies by buying flight-and-hotel packages.

Walker is best known for his role in creating Priceline and the name-your-own-price model for hotels in the late-1990s.