Madrid-based hotel tech startup Beonprice raises €2.5M Series A to fuel growth and accelerate expansion in Spain, Latin America, and Europe
Beonprice is one of the startups most people in the United States probably never heard of. However, in Europe, Beonprice is one of Europe’s most innovative solutions in the B2B hospitality travel technology sector. Beonprice provides the strategic solution of revenue management for hotels aimed at price customization.
Today, Beonprice announced it has closed €2.5 million in Series A funding round to enhance its product team, strengthen its leadership position in Spain and Latin America, and expand throughout Europe. The round was led by venture capital fund Adara Ventures.
Founded in 2012, the Salamanca, Spain-based 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 also has offices in Madrid, Barcelona, Mexico City and Bogotá
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 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.
“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.