Spanish travel technology firm Beonprice plans to open a base in the UK after securing Series A funding.
Founded in 2012, the firm has more than 2,000 clients in more than 30 countries. Around 100 hotel clients in the UK use its artificial intelligence-based revenue management platform.
Headquartered in Salamanca – with further offices in Madrid, Barcelona, Mexico City and Bogotá – the company plans to use the funds to enhance its product team, strengthen its leadership position in Spain and Latin America, and expand throughout Europe.
“We are seeing strong growth in the UK hotel market,” Emilio Galán, co-founder and CTO, told BusinessCloud.
“Currently, we have English-speaking sales and customer success teams based in Madrid, but have plans to open an office in London as part of our ongoing expansion in the UK.
“We see Brexit as an opportunity… we see the value of being present in such a busy hospitality market.
“The UK offers plenty of scope for Beonprice. There’s a strong history of revenue culture within the hospitality sector, and there’s solid growth in the hotel sector.
“We offer hoteliers an easy-to-use tool to refine their revenue strategies which can help them tackle ups and downs in the market, so our customers will be prepared for a continuing dynamic marketplace.
“Our vision is to provide innovative technology based on artificial intelligence which helps hotels sell the maximum number of rooms with the highest possible margin, taking into account a highly competitive ecosystem which hotels operate in.
“We believe the UK will continue to be a growing market for us, and that we can help improve revenues for our clients.”
Beonprice said it aims to double its turnover and grow its team by 50 per cent to more than 80 people in 2020.
Venture capital fund Adara Ventures was the lead investor in the round.
Nico Goulet, managing partner of Adara Ventures, said: “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.”