Beonprice raises €2.5m in funding round

* This Series A funding round, led by fund Adara Ventures, was also backed by fund Travel Tech, with KFund and the IBH reinforcing their existing partner investment
* Spanish-based travel technology company secures Series A funding for product development, consolidation of the company in its key markets of Spain and Latin America, and European expansion

Madrid, 9 January 2020: One of Europe’s most innovative solutions in the B2B hospitality travel technology sector, Beonprice, today announced the closure of a Series A funding round of €2.5 million, with venture capital fund Adara Ventures as the lead investor.

Headquartered in Salamanca - with further offices in Madrid, Barcelona, Mexico City and Bogotá - the technology company plans to use the funds to enhance its product team, strengthen its leadership position in Spain and Latin America, and expand throughout Europe.

“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,” says Rubén Sánchez, co-founder and CEO of Beonprice.

Nico Goulet, Managing Partner of Adara Ventures, says: “Beonprice has experienced considerable growth since its inception, which makes it a very appealing investment. The 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.”

Beonprice expects its customer-base to more than double in the next three years as hoteliers seek revenue management tools to improve distribution and booking productivity, and manage complex rate calculations. In a market where only 16% of hotels currently use a Revenue Management System (RMS), Beonprice enables hoteliers to consider more data points against the disruptive Hotel Quality Index (HQITM) to improve RevPAR and occupancy rates simultaneously.

Beonprice is expanding its reach to give access to the hospitality industry to revenue management insights, a training academy and algorithms that react to market demand for dynamic rate setting to meet revenue and occupancy targets.

Founded in 2012, Beonprice works with over 2,000 properties in more than 30 countries, including international hotel brands such as Paradores, Catalonia, Hotelatelier, Iberostar, RIU, HM Resorts, Park Royal, Dreamplace, Hospes and Grupo Velas.

Beonprice’s RMS technology utilises a bespoke Hotel Quality Index (HQITM) within its artificial intelligence technology to assess a hotel’s reputation and market position, and make effective rate strategy recommendations to maximise a property’s REVPAR based on a true reflection of the quality of the property and its competitive set.

“Our patented Artificial Intelligence technology helps hotels maximise their revenue by finding the best rate based on a combination of ever-evolving consumer demand and market supply,” explains Emilio Galán, co-founder and CTO of Beonprice.

“The investment led by Adara will allow us to continue developing our technology and seek new ways to offer innovative solutions to our customers, the hotel chains, and remain ahead of our competitors”, he adds.

Beonprice, Adaja, N 4, Edificio M2 Oficina 02Sur Salamanca, 37185 Spain

Press contact: Haynes Mar Coms - pr@haynesmarcoms.agency

About Beonprice

Beonprice is one of Europe’s fast-growth B2B hospitality travel technology companies. Committed to the leadership and future of revenue management, Beonprice offers a Revenue Management cloud-solution for hotels, based on Artificial Intelligence optimising price and distribution based on consumer intent and buying habits.

Beonprice has developed HQI™, the only hotel market index that measures the overall quality of a hotel to understand the competitive position and price elasticity of demand in the market.

Agility, innovation and organisation are the engines of the brand, with the aim of offering a cost-effective solution and being part of the DNA of each of its clients.

Beonprice has over 2,000 clients in more than 30 countries; its RMS is used successfully by growing hotel chains such as Hotelatelier, HM Resorts, Iberostar, RIU, Paradores, Dreamplace, Hospes, Palafox, Grupo Velas, Viaggio and many more.

For more information, visit www.beonprice.com

About Adara Ventures

Founded in 2005, Adara Ventures is a Venture Capital firm investing in European Deep Tech companies, primarily in the early stages of development. With more than 170 million euros’ worth of assets under management and vast investment experience in the European Atlantic rim, Adara’s mission is to apply its investment and cross-border business development expertise to stimulate the growth of its investees in a bid to turn them into global leaders which deliver attractive returns for the firm’s investors. Half of Adara’s portfolio companies have either scaled from their home base to Silicon Valley or have reached an exit in that market. Adara’s investment strategy is focused primarily on segments related to cybersecurity and data analysis and management, with an impact on large and medium-sized companies in key economic sectors, such as banking, insurance, retail, media/entertainment, energy, healthcare, services and construction, among others.

For more information, see www.adaravp.com

This release was published on openPR.