Hospitality pricing specialist Beonprice has secured €2.5 million in funding to expand its product and team.
Adara Ventures led the Series A round, with participation from Travel Tech, KFund and IBH.
This latest investment, which is all equity, brings the company's total funding to date to €5 million.
Beonprice leverages artificial intelligence to help hotels optimize prices and distribution in order to improve both revenue per available room (RevPAR) and occupancy rates.
The Salamanca, Spain-based company says the funds will be used for product development, strengthening leadership in Spain and Latin America and expanding in Europe.
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Says Rubén Sánchez, co-founder and CEO of Beonprice: “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.”
Since launching 2012, Beonprice has grown to more than 2,000 properties in more than 30 countries.
Says Nico Goulet, managing partner of Adara Ventures: "[The Beonprice] 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."
Hotel Quality Index (HQITM) is Beonprice’s signature AI technology that calculates more than 350 features of the hotel to determine its competitive value and recommend rates based on the demand in the market.
“Our patented artificial intelligence technology helps hotels maximize their revenue by finding the best rate based on a combination of ever-evolving consumer demand and market supply,” says Emilio Galan, co-founder and CTO of Beonprice.
Galan adds that the new investment “will allow us to continue developing our technology and seek new ways to offer innovative solutions.”