Spanish-based travel technology company secures Series A funding for product development, consolidation of the company in its key markets of Spain and Latin America, and European expansion.
MADRID – One of Europe’s most innovative solutions in the B2B hospitality travel technology sector, Beonprice, announced the closure of a Series A funding round of 2.5 million euros, with venture capital fund Adara Ventures as the lead investor.
Headquartered in Salamanca – with further offices in Madrid, Barcelona, Mexico City and Bogota – the technology company plans to use the funds to enhance its product team, strengthen its leadership position in Spain and Latin America, and expand throughout Europe.
“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 Ruben Sanchez, co-founder and CEO of Beonprice.
Nico Goulet, Managing Partner of Adara Ventures, says: “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 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. In a market where only 16% of hotels currently use a Revenue Management System (RMS), Beonprice enables hoteliers to consider more data points against the disruptive Hotel Quality Index (HQITM) to improve RevPAR and occupancy rates simultaneously.
Beonprice 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.
Beonprice’s RMS technology utilises a bespoke Hotel Quality Index (HQITM) within its artificial intelligence technology to assess a hotel’s reputation and market position, and make effective rate strategy recommendations to maximise a property’s REVPAR based on a true reflection of the quality of the property and its competitive set.
“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,” explains Emilio Galan, co-founder and CTO of Beonprice.
“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”, he adds
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