Duetto Secures $21M Funding to Accelerate Worldwide Expansion
Wednesday July 9th, 2014 - 11:31AM MR
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SAN FRANCISCO—Duetto has closed on a $21-million financing led by Accel Partners, which the company says will help extend its global reach.
“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,” stated Patrick Bosworth, Duetto’s CEO. “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.”
Since 2012, Duetto has signed hundreds of properties and is currently deployed in 16 countries. Early customers are seeing strong results with 10-20% revenue increases, more than doubling profitability in several cases, according to the company. 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.
Tags: Duetto • Accel Partners • Hospitality • Operational • Suppliers •
When you hear all the lodging industry projections for the months and years to come, much of the robust growth is forecast to be the result of the expected influx of travelers from China. In what could only be seen as good news for the industry, that expectation moved a little closer to reality when President Obama signed a visa waiver extension for Chinese travelers earlier this month.