Israeli travel tech startup Fornova has raised $17 million in Series B funding led by Deutsche Telekom Capital Partners with participation from Waypoint Capital and JAL Ventures.
Fornova develops intelligence software for hotels. Its tools are used by hoteliers to gather and analyse data on how hotel rooms are priced by competitors. To date, 13,000 hotels are using its solutions including groups like Marriott and Hilton.
Hoteliers are not paying enough attention to online marketplaces and pricing, according to Fornova CEO Dori Stein.
“As a result, they are missing important insights on how their products are priced online, how to distribute them effectively, and how to optimize the booking path to their advantage.”
Fornova will use the new funds to launch more products on the market and focus on its growth outside of Europe and the US, namely the APAC region, said Stein.
“Fornova’s cutting edge technology equips travel providers with the precision tools needed to stay ahead of competition,” commented Thomas Preuss, partner at Deutsche Telekom Capital Partners.
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