Beonprice, a Spanish travel tech startup, has just closed a funding round of €1.4 million from K Fund, a new venture capital firm. Founded in 2013, Beonprice is a specialized platform in the hotel sector that applies Big Data techniques and allows hoteliers to easily access room availability, demand, prices of competitors, disparities and many other fundamental factors needed to optimize hotel room rates.
The funding round has been led by K Fund, a €50 million fund that invests in early stage technology companies. K Fund is dedicated to fostering a culture of continuous growth and learning and works closely with the founding teams of portfolio companies to support their growth. The fresh capital will be used for product development, enhancing the innovative algorithm capable of increasing hotel revenue using competitive positioning and price elasticity.
Beonprice has developed the BEONPRICE QUALITY INDEX (BQI®), probably the only index in the hospitality sector that measures the integral quality of a hotel and lets hotels know their competitive position and price elasticity.
The BQI® takes into account more than 21 objective parameters such as location, hotel services, catering, room size, etc., as well as online reputation by customer segment. The BQI® also synthesizes customer booking behavior, taking into account the quality expectation of the establishment before and after booking.
With the fresh capital, the tech startup also plans to boost international expansion by opening commercial offices in the UK and Germany, as well as in the U.S. (New York) during 2017, where the main international hotel chains are headquartered. In just 4 years, Beonprice has grown exponentially and has managed to be present in the main tourist destinations in Spain and of the international scene.
Beonprice already has more than 1,500 clients in more than 30 different countries, including international hotel chains such as NH Hotels, Iberostars Hotels & Resorts, Room Mate Hotels, Petit Palace Hotels, Lopesan, and Grupo Posadas, among others. The startup also has offices in Miami, Bogotá, Mexico City and Salamanca. The vision behind Beonprice is to become the world’s best revenue management software.