Hotel revenue management software specialist Beonprice has closed a Series A funding round of €2.5 million with venture capital fund Adara Ventures as lead investor.
The Spain-based firm says it plans to use the funds to enhance its product team, strengthen its leadership position in Spain and Latin America, and expand throughout Europe.
Beonprice is headquartered in Salamanca, and has offices in Madrid, Barcelona, Mexico City and Bogotá.
Rubén Sánchez, co-founder and chief executive of Beonprice, said: “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,” says
Nico Goulet, managing partner of Adara Ventures, added: “Beonprice has experienced considerable growth since its inception, which makes it a very appealing investment.
“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 says it expects its customer-base to more than double in the next three years as hoteliers seek revenue management tools to improve distribution and booking productivity, and manage complex rate calculations.
The firm is expanding its reach to give access to the hospitality industry to revenue management insights, a training academy and algorithms that react to market demand for dynamic rate setting to meet revenue and occupancy targets.
Founded in 2012, Beonprice works with over 2,000 properties in more than 30 countries, including international hotel brands such as Paradores, Catalonia, Hotelatelier, Iberostar, RIU, HM Resorts, Park Royal, Dreamplace, Hospes and Grupo Velas.
“Our patented Artificial Intelligence technology helps hotels maximise their revenue by finding the best rate based on a combination of ever-evolving consumer demand and market supply,” said Emilio Galán, co-founder and chief technology officer.
“The investment led by Adara will allow us to continue developing our technology and seek new ways to offer innovative solutions to our customers, the hotel chains, and remain ahead of our competitors.”