European startups have been working on fresh ways to help hotels to maximize occupancy and revenue.
Many of their technological solutions replace one-time purchases of desktop software with software-as-a-service subscriptions (SaaS).
Those efforts took another step forward this week, when PriceMatch, a Parisian startup that helps hotels manage their room rates and revenue, said that it had raised $9.1 million in new funding, says Challenges magazine, via JDN.
Venture capital funds Partech Ventures and Northzone led the latest round of financing for PriceMatch.
The latest announcement comes only two months after PriceMatch acquired its rival yield-management solution PowerYourRoom for an unstated sum. It also comes after January's news that eRevMax, the leading hotel distribution software firm, debuted integration with PriceMatch.
Founded in 2012, the startup raised $1.1 million in November 2013 from Partech Ventures, Tekton Ventures Fund, and an unnamed private investor.
PriceMatch claims to serve more than 700 hotels, up from 400 last August. It also claims to have managed about Euro 2 million in turnover last year for clients in more than 30 European countries.
A hip vibe
The company has an unusually high head count of 49 employees. The headshots on the company's website make them look like the cast of hip film.
The startup has a modern, slick vibe in its visual aesthetic, from the design of its website to the style of its promotional videos.
Its one founder refers to himself as a hipster, the other as a boxer. They describe their PMS manager as a member of their "Black Ops team."
Maybe actor Romain Duris will star in the eventual movie about the startup.
SaaS-based hotel solution
Yield management software helps hotels adjust their rates according to demand.
PriceMatch's fully automated tools help hotel revenue managers use econometric algorithms to exploit shifts in supply and demand to maximize occupancy and revenue.
Hotels and chains get daily recommendations on room prices for future dates up to 90 days ahead in order. That's often more accurate than a manager's gut feeling.
Hotels pay a monthly fee. The startup's plans vary, but begin at about Euro 67 a month.
The company didn't say what valuation the latest funding effectively places on it.
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