Smartpricing, a specialist in hotel revenue management technology, has raised €13 million in Series A funding.
The investment in the Italy-based company, which was founded in 2020, was led by Partech Venture.
The funding for Smartpricing was Partech’s first of its latest fund totaling €360 million, which it said it plans to invest across four themes including B2B and B2B2C vertical platforms and application software.
Smartpricing uses its proprietary algorithm to process data on market, price and hotel historic data, to help hoteliers increase turnover.
In a LinkedIn post Eugenio Bancaro, co-founder and chief technology officer of Smartpricing, described the funding as “another huge chapter.”
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“In a challenging market landscape, it’s been intense, but we are extremely grateful to have such relevant partners aboard. The upcoming steps are going to be more challenging, but rest assured, we’re more committed than ever to push boundaries and achieve greater heights.”
The company plans to put the funding towards expanding its team and the launch of new products.
Philippe Collombel, co-founder and general partner of Partech, said, “In merely three years, Smartpricing has orchestrated 2 million bookings for over 3,000 hotels, B&Bs and other such travel accommodation, elevating their turnover by an impressive average of 30%. Extending its footprint, notably in Italy and the DACH region [of Germany, Austria and Switzerland], Smartpricing is poised to emerge as the global leader in revenue management for small and medium-sized hospitality structures.”