Pricing solutions company RoomPriceGenie has raised a first round of external funding, led by Wingman Ventures.
Despite only launching the first version of its software at the beginning of 2019, the company, based in Zug, Switzerland, has already surpassed the 100-client mark.
“We are very proud to have achieved a lot this year with a fairly small team. Now we are looking to scale up operations and grow the team," said co-founder Marvin Speh. "Wingman Ventures is the perfect partner for us as they bring both, experience in the hospitality industry and lots of early-stage start-up knowledge."
CEO and co-founder Ari Andricopoulos, a PhD mathematician and former hedge-fund manager, realised in 2017 that his father, a B&B manager, struggled to manage his prices.
“The larger hotels around him were cheaper than him during the off-season and he was often almost empty," said Andricopoulos. "But then by autumn, he was already sold out for the festival days next summer. There was simply no solution for him in the market."
Together with Speh, COO, and Jörg Siegel, CTO, he developed a solution and founded RoomPriceGenie. With a unique approach to pricing analysis and a focus on affordability, transparency and simplicity, RoomPriceGenie has developed an optimal solution for smaller, independent hotels. In a recent study, they identified that a random set of clients increased their revenue by over 20 percent using RoomPriceGenie.
"We think that small hotels make up the charm of each destination. We want to maintain this charm by helping those hotels to keep up with the big players in the market when it comes to pricing," said Siegel.
“We've seen demand from all over the world. Our client base stretches from the US West Coast to Japan, and partnerships with established hotel software companies have helped us to leave a global footprint already.”
“With RoomPriceGenie, we back an innovative solution, which will have huge impact on the hospitality industry in the upcoming years, enabling smaller businesses to remain competitive thanks to the RoomPriceGenie technology”, said Pascal Mathis from Wingman Ventures, co-founder of the Swiss travel technology company GetYourGuide.
“The RoomPriceGenie team has managed to set up operations for success already at a very early stage. With our experience and our network, we are convinced that we will be able to help them to continue their success story. We are excited for the partnership and look forward to helping the team to achieve the high goals they set for themselves” adds Alex Stöckl from Wingman Ventures who will be joining the firm’s Board of Directors.