Fornova brings in $17 million to expand hotel intel and marketing tech

Hotel technology provider Fornova has secured a $17 million financing round led by Deutsche Telekom Capital Partners.

The Israel-based company also attracted participation in the Series B round from Waypoint Capital and a previous backer, JAL Ventures.

It had previously received an undisclosed amount as part of a Series A investment in October 2015.

Fornova has two main strands to its product: a market intelligence platform for hotels fo collect and analyse information about the market and their pricing strategy; and a distibution and channel management service.

The investment will be used to support the expansion of the sales and marketing behind the company, as well as on product development.

CEO Dori Stein says:

“The hotel industry is at an inflection point in its struggle to optimize online revenue and drive sales.

“In spite of the proliferation of new technologies and revenue solutions, hoteliers continue to overlook the fundamentally dynamic nature of the online marketplace.”

The company is growing quickly, having 70 staff this time last year to a total of 115 spread over four other locations elsewhere around the world (London, New York, Amsterdam and in the Uktraine).

It claims to have 13,000 hotels using the product, including those from Marriott, Hilton, Premier Inn and NH Hotels.

Fornova didn’t start out with a focus on travel. At first, it used its platform for big consumer brands such as Nike, Gucci, Nordstrom, and IKEA.

But over the course of the last 18 months it has pivoted to concentre solely on the hospitality sector.

Deutsche has previously invested in home-sharing service 9Flats.

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Kevin May

About the Writer :: Kevin May

Kevin May was a co-founder and member of the editorial team from September 2009 to June 2017.

 

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