Duetto has received a $30-million round of investment. This Series C round was led by Icon Ventures. The San Francisco company had previously raised $33.2 million.
“While the explosive growth in online travel spends continue to accelerate, hoteliers are still struggling with outdated technologies that cannot keep up with today's distribution needs,” Duetto's CEO Patrick Bosworth, said. “In an environment of disruption in which third-party intermediaries are eating into hotel profitability, hotel owners, operators and managers are starved for technology to level the playing field and recapture revenue being lost on commissions. Duetto provides the solution.”
The company said Duetto is the only pricing solution able to handle the complexity of different customer segments, room categories, length of stay restrictions and distribution channels. The company's approach, combining open pricing and Big Data analysis, has enabled Duetto customers to outpace their competitive sets, often seeing twice the rate of revenue growth over their competitors.
“The rapid development of online technologies has benefited the top lines of businesses worldwide, but has largely bypassed the world's leading hotels and hospitality companies,” said Jeb Miller, general partner at Icon Ventures. “Duetto is the established category winner in Revenue Strategy, helping hotels and casinos worldwide optimize profitability, and regain competitive advantage. We are excited to bring the full resources of the Icon team to help Duetto scale, and achieve the full potential of the application of Big Data to drive ROI for the hotel industry.”