Salamanca, Spain-based revenue management for hotels platform Beonprice has raised €2 million in a Series A round led by Adara Ventures and the CDTI via its Inniverte programme. Existing investors Travel Tech fund, KFund and IBH also followed on. The company is reporting that the new funding will be used to further develop its product offerings, increase the team size, and press further into European and LATAM markets.
In a market where according to a report from Skift, only 16% of hotels use a revenue management system, Beonprice’s Hotel Quality Index seeks to improve revenue-per-available-room while increasing the number of occupied rooms at any given time. The company uses AI modelling to measure the integral quality of a hotel, determine its competitive position and generate maximised pricing due to demand
Founded in 2012 by Emilio Galán and Rubén Sánchez, Beonprice is active in more than 30 countries and counts Catalonia, Hotelatelier, Iberostar, RIU, Labranda Hotels & Resorts, HM Resorts, Park Royal, Dreamplace, Hospes and Room Mate, amongst its client base.
“Our goal is to lead the hospitality sector with the most complete RMS in the market thanks to a proprietary algorithm that combines the most accurate data in the market using Artificial Intelligence and Deep Learning. Thanks to this round and the renewal of confidence in our product despite the times the sector is going through, and in view of the imminent recovery, we intend to continue driving our international expansion and team reinforcement,” concludes CEO Rubén Sánchez