SAN FRANCISCO, Aug. 4, 2015 /PRNewswire/ -- Duetto, the market leader in hotel and casino profit optimization technology, today announced the closing of a $30M financing led by Icon Ventures to further extend the company's global reach.
Duetto's CEO, Patrick Bosworth, said, "While the explosive growth in online travel spends continue to accelerate, hoteliers are still struggling with outdated technologies that cannot keep up with today's distribution needs. 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."
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 far 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."
Since 2012, Duetto has signed nearly 1,000 properties in more than 50 countries. To keep pace with demand, Duetto plans to continue its expansion into key markets throughout the Americas, Europe and Asia.
Kent Ho, founding General Partner of Spectrum 28, a Silicon Valley based fund with extensive connections in Asia, which also participated in the round, said, "Duetto's technology solutions are impressive and the market opportunity for even more rapid adoption is huge, especially in Asia-Pacific. We look forward to partnering to help exploit those opportunities, as Duetto's growth continues in our region and worldwide."
Also participating in the Series C round are previous Duetto investors, including Accel Partners, 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 the most powerful revenue strategy solutions to the world's leading hotels and casinos, allowing them to better manage pricing, revenue and business-mix decisions with superior, actionable data.
The unique combination of hospitality experience and technology leadership enables Duetto to provide new insights on pricing and demand as a true cloud-based software-as-a-service. With solutions that address the challenges of today's distribution landscape, Duetto's applications are a GameChanger — optimizing profit and guest loyalty.
Thanks to rapid marketplace adoption, Duetto is expanding in key markets throughout the Americas, Europe and Asia. Nearly 1,000 hotels and casinos in more than 50 countries have partnered to use Duetto's revenue strategy solutions.
About Icon Ventures (formerly Jafco Ventures)
Based in Palo Alto, California, Icon Ventures is a technology venture capital firm specializing in mid-stage investing in companies with great entrepreneurs, compelling business models and strong momentum in their respective markets. Icon Ventures has had the privilege to invest in market-leading companies such as Aster Data, ClairMail, FireEye, 41st Parameter, Infinera, MoPub, Palo Alto Networks, Proofpoint and Teladoc. For more information about Icon Ventures visit http://www.iconventures.com/.
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