Italian startup Smartpricing has secured a €13 million Series A funding round to boost its global expansion ambitions.
- The round, led by Partech, enables Smartpricing to use machine learning technologies to help hotel and apartment hosts maximize their revenue.
- Smartpricing is one of Italy’s 10 most promising startups of 2023, according to the Financial Times’ Sifted list.
- Smartpricing uses a proprietary algorithm to calculate optimal prices to for hotel and apartment owners to maximize their facility’s occupancy rate and average price per room.
- The company is planning significant team expansion after extending its services to 17 countries.
- Over 3,000 hosts globally have boosted their revenues by over 30 percent on average thanks to the Smartpricing solution.
The significant investment round is led by Paris-based venture capital firm, Partech, and includes contributions from Techshop’s Gianluca D’Agostino, Azimut Digitech Fund, FNDX and the founders of Bending Spoons. With a clear focus on becoming an industry leader, Smartpricing is looking to use the funding to further innovate and broaden its rate management solutions for hospitality businesses across the globe.
Founded in 2020, Smartpricing has been delivering a platform that optimizes pricing using machine learning models for a wide range of hospitality businesses, such as hotels, B&Bs, resorts, and vacation rentals. The tool uses an algorithm that processes various types of data, including market trends, saturation levels and the individual establishment’s history, to determine the most effective pricing strategy.
In a relatively short time, Smartpricing has successfully expanded to 17 countries, focusing particularly on Italy and the DACH region. The company is now planning a major expansion of its team and products with a target of €100 million in annual revenue within the medium term. To date, Smartpricing’s platform has managed over 2 million reservations and has increased revenues for more than 3,000 establishments by over 30 percent on average.
Smartpricing’s vision is to solidify its position as an industry front-runner for small- to medium-sized accommodations worldwide. “We are excited to collaborate with Luca, Eugenio, and Tommaso to create a global leader in hospitality industry software,” said Simone Riva, Senior Principal at Partech, highlighting their belief in Italy’s dynamic hospitality market and fragmented software environment as an ideal stepping stone for Smartpricing’s future strategies.
