OTA Insight, the cloud-based revenue management solution, has announced US$20 million in growth funding.
Eight Roads Ventures led the round with participation from F-Prime Capital Partners and previous investors.
OTA Insight helps hospitality providers such as hotels, resorts, apartments and hostels optimize their revenue and improve profitability.
The data-intelligence platform provides revenue managers with real-time access to competitor rates, online channel insights, ratings and reviews as well as market-specific events and demand forecasts, all of which are used to impact short and long-term pricing strategies.
The company will use the funding to expand its platform, with a particular focus on advancing its machine learning and AI capabilities.
“Our customer-first approach has allowed OTA Insight to create a simple-to-use platform that addresses the needs of revenue managers across a broad range of accommodation types,” said Adriaan Coppens, CEO and co-founder of OTA Insight.
“With the help of Eight Roads Ventures and F-Prime, the company is poised to continue to grow its global client base and accelerate the delivery of the latest data and business intelligence products to the hospitality industry.”
In the coming months, OTA Insight will further expand its engineering, business development and marketing teams globally. As part of the deal, Michael Treskow, a partner at Eight Roads Ventures, will join OTA Insight’s board of directors.
Treskow added: “OTA Insight’s history of success across a broad spectrum of hospitality providers speaks volumes about their ability to understand and address revenue managers’ needs. We are excited to support the team as they continue building out their platform.”
Gaurav Tuli, principal at F-Prime Capital Partners, said: “When speaking with OTA Insight’s customers, we were inspired by the impact the product has on their day-to-day work.
“The hospitality market is fiercely competitive and ever-changing, and OTA Insight’s data-driven insights enable revenue managers to stay one step ahead of the competition. We are proud to partner with the team and look forward to supporting the company’s continued growth.”
OTA Insight is currently used by more than 16,000 properties in 134 countries. Clients include Carlson Rezidor, Hilton, Accorhotels, Louvre, Choice, Best Western, Kimpton, SBE and NH Hotels.