Duetto Secures $21M Funding to Accelerate Expansion Worldwide
Innovative Cloud Solution Doubles Hotel Profitability through Big Data Approach
SAN FRANCISCO, July 9, 2014-- Duetto, the market leader in hotel profit optimization software, today announced the closing of a $21M financing led by Accel Partners to extend the company's global reach.
Duetto's CEO, Patrick Bosworth, said, "Even though travel is the most penetrated category online, hoteliers are stuck using 20 year old technologies that cannot keep up with today's distribution needs. While third party intermediaries, such as Priceline and Expedia, continue to innovate and thrive, hotel profitability has remained stagnant. We are giving hotel owners, operators and managers the tools they need to level the playing field and recapture revenue that is being lost on commissions."
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 unique advantage stems from the combined background of its founders. Patrick Bosworth and Marco Benvenuti bring deep domain expertise and innovative methodologies derived from their experience at Wynn Resorts and other casino hotels. This, combined with Co-Founder, and former Chief Technology Officer of Salesforce.com, Craig Weissman's knowledge of cloud platforms enables the team to tackle the largest problems the hotel industry faces today.
"While we have witnessed the impact of big data infrastructure firsthand through our investment in Cloudera, these benefits have been limited to only the most sophisticated IT organizations," said Brian O'Malley, Partner at Accel Partners. "We are excited to partner with Duetto to put this same power in the hands of hoteliers who finally have the necessary visibility into their properties to maximize occupancy and profitability."
Since 2012, Duetto has signed hundreds of properties and is currently deployed in 16 countries. Early customers are seeing strong results with 10 to 20 percent revenue increases, more than doubling profitability in several cases. To keep pace with demand, Duetto plans to continue its expansion into key markets throughout Europe and Asia.
Also participating in the round are previous Duetto investors, including Battery Ventures, Altimeter Capital, Leland Pillsbury, founding partner, Co-Chairman and CEO of Thayer Lodging, and Marc Benioff, the founder, Chairman and CEO of Salesforce.com.
Duetto delivers dynamic, intelligent revenue strategy solutions to the world's leading hotels, allowing them to maximize profits through superior, actionable data to better manage pricing, revenue and business mix decisions. Leveraging a cutting-edge, cloud-based architecture, combined with a feature-rich product set, Duetto transforms the way hotels price and sell rooms.
Duetto has attracted many of the highest regarded investors and advisors from the hospitality and technology industries, including, among others, Accel Partners, Thayer Ventures, Battery Ventures, Altimeter Capital, Trinity Ventures, Benchmark Capital, Leland Pillsbury, founder, Co-Chairman and CEO of Thayer Lodging, Marc Benioff, founder, Chairman and CEO of Salesforce.com, Mark Lomanno, former CEO of STR, Rich Barton, former CEO/Co-Founder of Expedia and Sam Shank, CEO and Founder of Hotel Tonight.
About Accel Partners
Founded in 1983, Accel Partners has a long history of partnering with outstanding entrepreneurs and management teams to build world-class businesses. Accel invests globally using dedicated teams and market-specific strategies for local geographies, with offices in Palo Alto, New York City, London, and Bangalore, as well as in China via its partnership with IDG-Accel.
Accel has helped entrepreneurs build over 300 successful technology companies, many of which have defined their categories. 99Designs, AdMob, AirWatch, Atlassian, Bonobos, Braintree, Brightcove, Cloudera, Couchbase, Diapers.com, Dropbox, Etsy, Facebook, Fusion-IO, Groupon, Lookout, Macromedia, MemSQL, MoPub, Nimble Storage, Opower, OzForex, QlikTech, Real Networks, Riverbed, Spotify, SuperCell, Sumo Logic, SunRun, Trifacta and Trulia.
For more information, please visit the Accel Partners web site at www.accel.com or find us on Facebook at www.facebook.com/accel.
Michael Frenkel, MFC PR – New York
Venture Capital Database