8 years ago

Pace raises £2.5M to automate hotel room pricing

  • Pace, a London-based startup that uses machine learning to dynamically price hotel rooms based on demand, has raised £2.5 million in seed funding

  • The financing round is led by InterGlobe, with participation from Seedcamp, Speedinvest and Amadeus Capital Partners

  • The company says it will use the new capital to invest in its tech and marketing teams.

      • ProblemTechnology

      "Hotels regularly lose 20-30 percent of their revenues due to suboptimal pricing, because they are stuck with half of their rooms empty or having sold out at too cheap a price. Fewer than 10 percent of hotels use technology to price their rooms. "

      Solution

      "Pace provides a platform that uses machine learning to let hotels set room prices dynamically based on demand, just like Uber surge pricing. The platform is simple to use and provides an interface where hotel managers can action hundreds of price changes in one go. They are also provided with analytics that show forecasts of where they will be in the future and how that forecast will be different if they change their prices. "

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