Hotel technology provider Thynk has announced $13 million in a Series A round.
The investment will speed up research and development as well as go towards expansion in Europe, America and the Middle East.
The round was led by Singular with the participation of a New York-based fund, Belgium-based investment firm CNP and existing investor Fly Ventures.
Thynk has seen recent success with hotel groups including Postillion, Rotana, Groupe Lucien Barriere and Mint House adopting its technology.
Pascal Petit, CEO of Thynk, said: “Our rapid success lies in our ability to empower the hospitality industry with a core solution that triggers business agility and performance, by streamlining sales, operations, and finance processes both on property and at an enterprise level.
“Everything we invest in serves our ultimate mission of enabling hoteliers to do more with less, to adapt faster to market changes and to focus on what leads to higher profit margins. Using this newest source of funding, our global team is determined to accelerate our ambitious strategies, which include further enriching our data-driven and customer-centric revenue operating solution, solidifying our international presence and empowering more hotel brands, operators and asset managers around the world with tools proven to boost both efficiency and revenue.”
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Raffi Kamber, founder and general partner at Singular, said: “As a verticalized [customer relationship management] solution in tune with the desire of hoteliers to eliminate operational silos standing in the way of addressing higher guest expectations, Thynk is undoubtedly leading the way to hotel operations that are more agile and capable of making informed decisions that maximize guest satisfaction rates, despite changing market conditions.”
Generally, investors see opportunity for startups addressing the hospitality technology stack currently. During Phocuswright’s Investor View at ITB Berlin, Lucile Cornet, a partner in Eight Roads which has invested in OTA Insight and Amenitiz, said the environment is much more positive.
Thayer Ventures’ managing director Chris Hemmeter also expressed confidence in startups in the sector when he talked about “very creative companies that are figuring out how to deliver high-value services through zero integration APIs, which I think is quite logical and transformative in an industry where the notion of ripping and replacing the existing tech stack is just absurd.”