Spanish startup 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. The fund Travel Tech also participated, with KFund and the IBH reinforcing their existing partner investment.
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 an AI-driven bespoke Hotel Quality Index (HQITM) to assess a hotel’s reputation and market position. From here, Beonprice gives 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. In a market where only 16% of hotels currently use a Revenue Management System (RMS), Beonprice overall gives hoteliers the edge to boost their growth against competitors.
Headquartered in Salamanca, with further offices in Madrid, Barcelona, Mexico City and Bogotá, the technology company plans to use these new funds to enhance its product team, strengthen its leadership position in Spain and Latin America, and expand throughout Europe. The startup is also 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 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.”