In the past 12 months, RoomPriceGenie has tripled its revenues showing strong traction and growth. “The solution we provide is starting to be recognized as an essential part of every hospitality operation, whatever the size,” says CEO and Founder Ari Andricopoulos. “Automated pricing assistance is something that will become the norm rather than the exception, for all types of hotels, from family-run businesses to large chains.”
The financing round was co-led by Wingman Ventures and Mutschler Ventures with participation of RKKVC and Zürcher Kantonalbank. Maximilian Engelken of Mutschler Ventures, who newly joins the Board of Directors, is not only highlighting the future potential of the business but is also impressed by the growth the company has achieved in the past 18 months. “Even though operating in the hospitality space is challenging in current times, the RoomPriceGenie team managed to significantly and consistently expand their user base. While the market tumbled, they accelerated. They are showing an impressive performance.”
From a personal problem to a globally used solution
Ari Andricopoulos, holding a doctorate in mathematics, has worked with algorithms for the last 20 years. He first came across the challenge of room pricing when he experienced that his father, who runs a bed & breakfast in England, constantly lost money because his room prices were either too low or too high. Aiming to solve his father’s struggle, Ari developed an algorithm that took over the job of pricing rooms entirely. Today, less than 4 years later, RoomPriceGenie supports over 500 hospitality businesses in over 30 different countries.
With its intelligent solution, the start-up ensures that the prices are always at a level where supply and demand meet. According to Andricopoulos, “increasing revenue by 20% by charging higher prices on some days and selling more rooms on others” is what RoomPriceGenie aims for.
(Press release / SK)
Picture: RoomPriceGenie founders Marvin Speh, Ari Andricopoulos, Jörg Siegel (L-R)
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