SAN FRANCISCO—Duetto has closed a $30-million financing led by Icon Ventures to further extend the company’s global reach.
Patrick Bosworth, Duetto’s CEO, said, “While the explosive growth in online travel spends continue to accelerate, hoteliers are still struggling with outdated technologies that cannot keep up with today’s distribution needs.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’s pricing solution is able to handle different customer segments, room categories, length of stay restrictions and distribution channels. It combines open pricing and Big Data analysis in its approach, which, according to the company, has enabled its customers to 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. 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 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.”
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.