Israeli hotel booking platform Splitty has announced that it has raised $6.75 million in a series A financing round led by China's Fosun RZ Capital and with the participation of 2bAngels, Techstars Ventures, El Al's Cockpit Innovation and 11-11 ventures. The funding will allow Splitty to hire staff and speed up global market growth.
Splitty offers unique hotel prices by splitting and combining multiple bookings under one reservation. The company analyzes and splits over 1.5 million transactions to create exclusive deals in one second. The startup provides services for more than 500,000 properties in 127 countries.
Founded in 2015, and based in Rishon Lezion, Splitty has been focusing on developing its technology and was launched onto the market in 2018. In 2017, the company won the Startup Award at the Eye for Travel San Francisco.
Fosun RZ Capital chairman Jin Hualong said, "Our investment strategy in Israel will be more focused on high-end technology, which aligns strategically with what we have in the China market".
Splitty is a milestone in Fosun RZ Capital's travel tech portfolio. With its 'Split & Match' technology, Splitty has driven the innovation of the traditional OTA model and provided the best solution for both users and hotels. Splitty will play a connecting role between Fosun and other platforms in the tourism industry, while diversifying traveling options for family customers as part of Fosun's 'Happiness' ecosystem.
Splitty CEO Eran Shust said, "Splitty differentiates itself from traditional OTA through this transaction model. It's a win-win situation - we could improve the occupancy rate of hotels by over 15%, while users enjoying lower prices up to 50%."
Splitty currently provides room booking options mainly in Europe and the US. Since China has become the largest consumer market in the international tourism industry, the company is planning to expand its business in the Asian market after the completion of this financing round.
Published by Globes, Israel business news - en.globes.co.il - on April 16, 2019
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