Spain: B2B hotel revenue management software provider Beonprice announced today that it had secured €2.5M worth of Series A funding.
This funding will allow the company to bolster its product development and expansion aims.
The product focuses on revenue management cloud solutions for hotels, using AI systems to optimise prices and distribution based on consumer intents and habits. At the core of the software is its HQI index, which measures the quality of a hotel to understand its price elasticity and competitive position within the market.
Rubén Sánchez, Beonprice co-founder and CEO, said of the company’s goals: “Our aim is to lead and transform the revenue management strategy in the hospitality sector with Artificial Intelligence technology, which will help us double the product team and expand internationally.”
The funding round was led by VC firm Adara Ventures, whose other major investment is LoopUp, as well as the Travel Tech fund. The investment anticipates a doubling of Beonprice’s consumer base in the next three years, with a rising trend of the adoption of revenue management systems in anticipation of a more data focused market.
“Beonprice has experienced considerable growth since its inception, which makes it a very appealing investment,” said Adara Ventures managing partner Nico Goulet. “The team’s growth plans show high long-term potential, and we believe their product will lead the hotel industry thanks to its agility and innovation.”
Beonprice is currently working with over 2,000 properties in over 30 countries, with major partners in Paradores, Hotelatelier, and HM Resorts, having added major client, Catalonia Hotels & Resorts, late last year. It aims to take its strong base in Spain and Latin America and use it to expand further into the European market.