After recently going back to America to explore many of our top graduates at Founder Institute, we now turn back to Europe, particularly in Madrid, Spain. There, we want you to see a new startup we're proud to say recently raised €1.4 million through a new funding round led by K Fund. What's notable about this is the unique niche this startup brings: Hotel revenue management.
Despite the world's troubles, hotels are still flourishing from tourists. Nevertheless, hotels need better ways to manage their revenue, including finding enhanced metrics to make smarter decisions.
With a platform called Beonprice, many of the challenges involved in managing revenue become easier. And for hotels that still use paper-based systems or aging technology, it's even more ideal.
Here's a look at Beonprice's background, including its founder, Ruben Sanchez.
Background On the Company
Created just a few years ago, Beonprice is still on a growth curve. It began in Salamanca, Spain, though its founder graduating from our Madrid Founder Institute before opening. Sanchez didn't waste time finding ways to corner the European and Latin American markets in their first year.
Not long ago, they opened a headquarters in San Francisco, right in the heart of Silicon Valley. Now they're set to compete on a world scale, especially in cornering the still thriving U.S. hotel market.
Since opening, they've managed to top 1,500 clients worldwide with offices in Spain, Mexico, Columbia, and the aforementioned office in the U.S.
As Ruben Sanchez says about their new American office:
"It's an important milestone in the international expansion of the company and a definitive step in the American market towards bringing the innovative character of our Revenue Management solutions closer to one of the strongest hotel sectors in the world in the mecca of technology."
Background on Ruben Sanchez
Beonprice's founder comes with considerable clout in his background experience using data and working with data management systems. With a full name of Ruben Sanchez Martin, most of Ruben's work history occurred in Spain.
Take a look at his LinkedIn page to see background on his education and previous company experience. He's worked as a Director General at Spain's GPM Innovation, as well as a top position at Chocolat Factory.
When opening Beonprice in 2012, he immediately described it as a real-time dynamic pricing system. However, that's just one small part of what the service offers to hoteliers.
How Beonprice Works for Hotels
Market intelligence is at the forefront of Beonprice's features, which helps you interpret the prices of your hotel competitors, price disparities, online reputation, as well as online visibility. All of these are going to determine how much revenue you may pull in during a year. Being able to see a broad spectrum of activity across the industry in one place also helps tremendously for hotel managers on the go.
The software's RMS features include helping you determine an optimal price to set for rooms. Plus, the company's patented BQI system (BEONPRICE Quality Index®) lets you synthesize customer behavior to help give them better experiences.
Budget forecasting is more thorough as well thanks to superior metrics.
Choosing different plans (Pro, Advanced, and Premium), you can basically customize this software to your hotel's business needs.
The Future of Beonprice
K Fund's recent funding for Beonprice gives a major boost to the company, at least for this year. Considering it's the equivalent of $1.4 million, it's a major financial push to tackle the American market.
The plan is to invest their new money in further product development, as well as opening new offices in UK, Germany, and New York to spread their services internationally.
Hotels will always be in demand, and they need to get organized to meet the continuing tourism tidal wave. Beonprice is all ready to become a leader to keep hotels profitable into the next decade.
Keep reading us at Founder Institute as we explore our startup graduates from every corner of the globe.
