Hospitality revenue management company Duetto has closed an $80m Series D round led by Warburg Pincus.
This investment makes it the biggest non-acquisition deal in a technology company within the hotel industry, according to the company.
Duetto offers a revenue strategy platform that is compiled of a suite of cloud applications that help hotels to increase booking conversion, guest loyalty and revenue. Its ScoreBoard app helps to forecast and analyse performance, while its BlockBuster service helps to unify sales and revenue management teams by connecting them to the same platform.
The company SaaS-based GameChanger solution uses machine learning technology and consumer-focused data to enable hotels to independently price all distribution channels, customer segments, room types and stay dates, all in real-time. Based in San Francisco, Duetto serves over 2,500 hotels across 60 countries.
Duetto Marco chief marketing and strategy officer Benvenuti said, “Our cloud platform is open and agnostic, and we look forward to partnering with other technology companies to unlock new ways of driving efficiencies and more revenue for the hotelier. With our agile development process, we will continually improve our core applications while looking to develop new products when there is a crucial industry need not being served.”
The company previous funding round came in 2015, when Duetto collected a $30m investment led by Icon Ventures. Other investors taking part in that round included Accel Partners, Battery Ventures, and Altimeter Capital.
Earlier in the month, Warburg Pincus picked up a 55 per cent stake in financial services technology developer Fiserv. The deal, which was worth $395m, will see Fiserv further the innovation across the lending marketplace.
Late last year, Pace landed a ?2.5m seed round led by InterGlobal. The company oautomates the pricing of hotel rooms, based on consumer demand and price elasticity.
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