Hospitality technology provider The Hotels Network has raised €10 million in a series B funding round having seen use of its platform grow during the COVID-19 crisis.
The Bacelona-based firm’s round was led by Elaia, with current investors Seaya Ventures and Seedrocket 4Founders also participating.
The Hotels Network says hotel brands need to double down on their investment in their direct channels to survive today.
It reported a 120% increase in use of its products by its clients during the pandemic and said the investment will be used to “build the products hotels need to achieve this within the new context”.
Juanjo Rodriguez, chief executive at The Hotels Network, said: “Usage of our product by our clients increased 120% during the first weeks of the crisis, which indicates just how essential it is, especially now.
“Hoteliers are using our solutions to personalise the end-to-end online experience and communicate with guests when it matters most.
“It’s about reassuring travellers while rekindling their imagination, right from the first moment they start dreaming about a trip again.
“With this additional funding, we will continue to support the recovery of our industry by building powerful, new technology for our hotel clients, not just a better version of existing solutions.”
The Hotels Network was launched in 2015, and its technology enables hotels to offer guests a customised online journey by applying machine learning.
The firm says increased conversion rates and revenue per customer reduces acquisition costs and also helps hotel brands regain direct relationship with guests.
Pauline Roux, Partner at Elaia, will join the firm’s board of directors. She said: “Predictive personalisation enables hotel website users to enjoy a better booking experience and hotels to fuel their direct booking growth.
“Hoteliers are now able to get closer to their customers, which is the essence of the industry.
“This opportunity, together with the company’s success to date, make us believe that The Hotels Network will become a major global player in the hotel tech industry, which is the driving factor for us to invest. We look forward to being part of this next stage of global scale-up.”
More than 5,000 hotels in 96 countries use the The Hotels Network platform. Clients include brands such as One&Only, Minor Hotels and Barceló Hotel Group.
Antonio Giménez de Córdoba, partner at Seaya Ventures, said: “The company has achieved a series of impressive milestones and is clearly providing a response to a currently unanswered need from hoteliers around the world. We are proud to keep partnering with such an ambitious project.”