Further validation of a growing sector in the industry with Revinate capturing a healthy funding round in the form of $14.5 million from Benchmark Capital and Formation 8.
The reputation management platform for hotels launched three years ago from its base in the US and claims to have over 10,000 hotel and restaurant customers around the world.
The funding round, a Series A, also includes a contribution from Rich Barton (ex-Expedia) and will be used, the company says, to spearhead its growth outside on North America and product development.
Current clients include Wyndham Hotel Group, Carlson Rezidor Hotel Group, Hyatt, White Lodging and Kimpton Hotels and Restaurants.
The injection of capital into Revinate continues the growing support for a swathe of new companies operating in the space, including ReviewPro and TrustYou, both with offices in Europe and the US, alongside Circos Brand Karma in Asia-Pacific.
Each has developed various tools which allow (mostly) hotels to monitor, analyse and respond to reviews, social media conversations and other forms of content.
TrustYou, for example, picked up a $5 million Series A of its own in September last year from Credit Agricole Private Equity. ReviewPro has also secured a total of $5 million during its own relatively brief history from a number of private investors.
Benchmark’s Peter Fenton and Formation 8’s Joe Lonsdale will be joining the Revinate board as part of the round, the company says.
CEO Joe Ashton says:
“We’re fortunate to have assembled the ultimate team to help Revinate capitalize on our significant opportunity to help global hospitality companies thrive in today’s rapidly changing market.”
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About Kevin May
Congrats guys, this is awesome news for Revinate and hopefully gives you the juice to be the global market leader.
Jay, Marc and the whole team – congrats. What an accomplishment. Your success shows that if you build a great product, “people will come.”