Fornova Partners with A/O Proptech in Latest Funding Round to Develop HotelsBI Offering
Fornova partners with leading European property technology investor A/O Proptech (A/O) as part of its latest funding round, which A/O led. This partnership will see A/O become a design partner for Fornova’s recently acquired HotelsBI offering. DTCP and other main investors continue to back the technology firm.
2 September 2019 -- Fornova, the global provider of distribution and business intelligence solutions for the hospitality sector, has announced a major design partnership with A/O Proptech (A/O), a leading European proptech investor, to collaborate on its HotelsBI solution.
The agreement was part of a recent $7 million funding round, led by A/O, which also saw Fornova’s main investors, DTCP, JAL Ventures, and Forestay Capital, continue to back the technology firm.
As part of the deal, A/O will roll out Fornova’s HotelsBI platform into its strategic hotel portfolio of around 150 hotels across Europe. The agreement will provide valuable insight into how hotels use and benefit from the tool as well as informing future enhancements of the performance and guest intelligence solution. A/O will benefit from the platform by receiving real-time, segmented data across its hotel portfolio rather than historic reports.
Gregory Dewerpe, Founder of A/O Proptech, who will also join Fornova’s board, said: “We back fearless entrepreneurs with the ambition and the vision to reshape the future of real estate and its wider ecosystem. With Fornova, we are excited to push further disruption in the hospitality sector, where we can bring significant strategic value. Transforming how hotels manage their revenue, performance, and guest data, adding transparency, and digitalisation in an ever-changing industry where OTAs (third party booking platforms/agents) are pushing hotel operators and owners to improve their methods, systems, and agility in order to transition to Hospitality 3.0.
“We’re excited to support Fornova’s vision and potential and look forward to partnering with them both as an investor and a customer. Fornova has already demonstrated an impressive track record of working with some of the world’s largest brands, some of which are part of our strategic portfolio.”
Dori Stein, CEO of Fornova, added: “This will be a partnership in the true sense of the word. For us, this agreement means much more than additional funding, it us about partnering with a company that shares our vision and gives us direct access to over 150 properties - from independent hotels to hotels which are part of the largest chains in the world - as design partners. Having the opportunity to collaborate openly with the A/O hotel platform will provide us with invaluable insight and understanding and ensure we further develop HotelsBI to be truly world class.”
Fornova acquired HotelsBI in March this year. The platform maximises hotel performance by collating data from multiple sources into one place. Revenue generating teams have a single source of real-time insights from which to quickly identify actions. The tool also includes in-depth guest intelligence ensuring that sales, marketing, and other activity are highly targeted and personalised.
Joshua Levinberg, Co-Founder of JAL Venutures and Chairman of Fornova, said, “A/O Proptech is an ideal strategic partner for Fornova and the board and I look forward to working with Gregory and his team.”
Fornova already works with some of the biggest names in the hotel industry and its software is currently used by thousands of hotels globally. Established in 2010, the company’s growing team currently has 150 talented people across offices in London, New York, Amsterdam, Israel, Belarus and Ukraine.
For further information about Fornova visit www.fornova.com
Fornova is on a mission to turn data into intelligence and align the entire hotel organization (from revenue and distribution to sales, ecommerce and operations) so they can make smarter decisions together, and is the only hospitality BI solution provider that has corporate agreements with the majority of the world’s top 10 largest hotel chains, as well as the biggest global OTAs.
DTCP is an investment management group with $1.7 billion of assets under management and advisory from Deutsche Telekom and other institutional investors, and a portfolio of over 60 companies. The group is dedicated to providing venture and growth capital, private equity investments, and advisory services to the technology, media, and telecommunications sectors. It operates and invests in Europe, the US, and Israel. To learn more about DTCP, visit www.telekom-capital.com or @TelekomCapital on Twitter.
Korero (Fornova): Alison Ellis | +44 (0)1224 900067 I +44 (0)7988050980 | email@example.com
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