I’m very happy to announce to all of our customers and partners that Pace has today passed a significant milestone. We have completed a fundraise of more than £2.5 million to continue on our mission of giving hotels an entirely new way to think about revenue management.
2017 was a big year. We launched in July, hit 30 customers in September and have been growing quickly since then. Not to mention the most important work, which is the constant improvements to forecasting and price recommendations by our science team. We’re also adding 5 new engineers to our extraordinary team.
With this investment and the foundation we have built, 2018 will be crazy good. I won’t share all the goodness here, but hotels should expect us to continue growing their revenues through:
- Even faster updates and response to demand
- Allowing you to make even more price changes through automation
- Much improved forecasting and recommendations (with clear metrics)
The investment round was led by InterGlobe, a holding group which is one of the largest travel corporates in India, and counts IndiGo (India’s largest airline) as one of its businesses. They also have significant hotel investments through InterGlobe Hotels, a joint venture with Accor, the multinational hotel group. We have high hopes for the opportunities that will emerge from this partnership.
As part of this fundraise we are welcoming Seedcamp and Amadeus Capital Partners into our family. Both are very well known names in European venture capital circles, and we are proud that our vision and achievements passed their high bars for investment.
We also want to call out Speedinvest. They were our first venture capital investor and have been incredible partners and supporters through this past year. Thank you very much!
Most importantly, a huge thank you to our customers, who are amazing and who have been bearing with us through some early bugs and missing functionality. The impressive RevPAR growth our most active customers are seeing hopefully goes some way to expressing our gratitude. We will be giving you even more revenues over 2018!
Now, onwards and upwards. Pricing is being revolutionised and Pace is at the forefront of that revolution. There is a lot of work to be done!