Swiss/German hospitality industry startup RoomPriceGenie has raised $2.2 million in new funding. The company helps independent businesses maximise revenues via automated pricing adjustments. To date, the firm has raised $3.3 million.
Founded in 2017 and launched in 2019, RoomPriceGenie is the output of the personal experience of founder Ari Andricopoulos. Operating a bed & breakfast property in the UK, Andricopoulos’ father was constantly losing money due to room prices either being too high or too low.
Armed with a doctorate in mathematics, Ari created an algorithm that monitored the market and automatically set competitive rates. From one to many, a further refined variant of this algorithm now serves over 500 independent hospitality businesses in 30 countries around the globe.
“The solution we provide is starting to be recognized as an essential part of every hospitality operation, whatever the size,” comments Andricopoulos. “Automated pricing assistance is something that will become the norm rather than the exception, for all types of hotels, from family-run businesses to large chains.”
To be certain, RoomPriceGenie is not alone in the automated pricing space. However, Andricopoulos points to competitors as being focused on big business, whereas RoomPriceGenie is making the same form of technology available to every hospitality provider, regardless of size.
“Current solutions are mainly targeted to large hotels, where dedicated staff is fully focused on revenue management. We believe that automated pricing needs to be made accessible to anyone. No matter if you run a 10 room hotel or a 45 unit apartment business, the impact that automated pricing has on your business is not comparable to any other software solution out there.”