OTA Insight, a cloud-based data-intelligence platform for the hospitality industry, announced $20 million in growth funding. Eight Roads Ventures led the round with participation from F-Prime Capital Partners and previous investors.
OTA Insight helps hospitality providers such as hotels, resorts and vacation rentals optimize their revenue and improve profitability. The cloud-based platform provides revenue managers with intuitive real-time access to competitor rates, online channel insights, ratings and reviews as well as market-specific events and demand forecasts, all of which are used to impact short and long-term pricing strategies. The company will leverage the funding to further build out its platform, with a particular focus on advancing its machine learning and artificial-intelligence capabilities.
“Our customer-first approach has allowed OTA Insight to create a simple-to-use platform that addresses the needs of revenue managers across a broad range of accommodation types,” said Adriaan Coppens, CEO and co-founder of OTA Insight, in a statement. “With the help of Eight Roads Ventures and F-Prime, the company is poised to continue to grow its global client base and accelerate the delivery of the latest data and business intelligence products to the hospitality industry.”
In the coming months, OTA Insight will further expand its engineering, business development and marketing teams globally to align with growing demand for OTA Insight’s hospitality solutions. Additionally, Michael Treskow, a partner at Eight Roads Ventures, will join OTA Insight’s board of directors.
“When speaking with OTA Insight’s customers, we were inspired by the impact the product has on their day-to-day work,” said Gaurav Tuli, principal at F-Prime Capital Partners. “The hospitality market is fiercely competitive and ever-changing, and OTA Insight’s data-driven insights enable revenue managers to stay one step ahead of the competition. We are proud to partner with the team and look forward to supporting the company’s continued growth.”
Currently, OTA Insight is the rate intelligence platform of choice for more than 16,000 properties in 134 countries. Some of the global and regional-leading hotels that use OTA Insight’s platform includes: Carlson Rezidor, Hilton, Accorhotels, Louvre, Choice, Best Western, Kimpton, SBE and NH Hotels.