RoomPriceGenie, a hotel technology solution provider that offers pricing automation software for independent hospitality businesses and groups, has secured $2.2 million in funding. Founded in 2017 and entering the market in 2019, RoomPriceGenie reportedly serves over 500 businesses globally in over 30 different countries.
Based in Europe, with offices in Switzerland and Germany, the company seeks to bring automated, dynamic pricing technology to hospitality businesses globally. According to a company statement, RoomPriceGenie has tripled their revenues over the past 12 months.
The new financing round was co-led by Wingman Ventures and Mutschler Ventures with participation of RKKVC and Zürcher Kantonalbank. Maximilian Engelken of Mutschler Ventures.
“The trust their clients put into RoomPriceGenie, shown not only by the positive feedback but also by the very low churn, shows that automated pricing is crucial to hospitality businesses, even in difficult times,” said Alex Stöckl of Wingman Ventures, who took a significant share in this financing round and who have supported the company for the past two years. “The solution is highly scalable, gives users price recommendations within minutes and is easy to understand, making it the perfect match for a large share of the hospitality market.”
RoomPriceGenie connects to a hotel’s PMS, automating pricing decisions.
According to the company website, RoomPriceGenie:
“The solution we provide is starting to be recognized as an essential part of every hospitality operation, whatever the size,” said CEO and Founder Ari Andricopoulos. “Automated pricing assistance is something that will become the norm rather than the exception, for all types of hotels, from family-run businesses to large chains.”
“Current solutions are mainly targeted to large hotels, where dedicated staff is fully focused on revenue management, said Andricopoulos. “We believe that automated pricing needs to be made accessible to anyone. No matter if you run a 10 room hotel or a 45 unit apartment business, the impact that automated pricing has on your business is not comparable to any other software solution out there.”
No doubt, having the right pricing strategy in place and being highly reactive to demand and market changes is crucial to being able to capitalize on piled-up travel demand. “The pandemic has turned many things upside down. Not only last year, but also this year. For a long time, it was highly uncertain when and if travelling was possible. But as soon as borders opened, holiday destinations were run over by travel-eager guests. Most of the properties did not see it coming and were selling their rooms for low prices, even though the demand was sometimes higher than ever before” says Jörg Siegel, CTO and Co-Founder of RoomPriceGenie. “Increasing revenue by 20% by charging higher prices on some days and selling more rooms on others is what we aim for,” he said.
With its intelligent solution, RoomPriceGenie seeks to help hoteliers ensure that their prices are always at a level where supply and demand meet. For hoteliers, that would indeed be a wish come true.