Israeli big data hotel price optimization company Hotelmize has completed a Series B financing round led by Alibaba Hong Kong Entrepreneurs Fund and Israel's Brilliance Ventures. No details of the size of the round were disclosed. Hotelize previously raised $5 million in its Series A financing round from Australian venture capital fund Investible and Israeli travel company Talma.
Hotelmize has developed big data solutions for the booking Industry, which identify and take advantage of booking price volatility, automatically to increase profitability for hotel resellers and travel agents. The company's technology automatically monitors fluctuations in hotel room prices to help travel companies increase their bottom-line profit.
The company was founded in 2016 by CEO Dor Krubiner, CTO Guy Levitan, and COO Omry Litvak. Hotelmize has 20 employees - 15 in Tel Aviv and the others in its recently opened offices in London, Bankkok, Buenos Aires and Palma de Mallorca. Following the latest financing round, the company will open an office in Hong Kong.
Krubiner told "Globes" that Hotelmize has conceptually changed the way that the hotel reseller and travel agency industry works. Instead of receiving the price of a hotel room on the day that the booking is done, they can profit if prices subsequently fall. Hotelmize's customers include hotel resellers, travel agencies and major online sites like Expedia.
Published by Globes, Israel business news - en.globes.co.il - on April 2, 2020
© Copyright of Globes Publisher Itonut (1983) Ltd. 2020