Spain: Turbosuite, a booking accelerator tool for vacations rentals and hotels, has secured €200,000 in its first round of investment via a seed round.
The round was led by angel investor Francisco Espinosa from Innventuur, supported by investors from other countries and mentored by the team at the Costa del Sol Tourism Hub. The Malaga- and Seville-based company will now be able to move ahead with its expansion plans in Spain and Latin America as well as enhance its system.
Turbosuite founder and CEO, Manuel Martín, told El Referente: “The pandemic has been a very strong economic and emotional blow for everyone who works in the tourism industry. It was only in April 2020 that the industry was moving around more than 1,500 tourists per year and was worth around ten per cent of global GDP.”
Martín said Turbosuite, which also manages properties in Spain, Italy and Latin America, was born with the mission to “shift the paradigm in pricing and available distribution strategies in the hospitality industry”.
He said: “Over the last six months, we have achieved results above the rest of the market for all of our clients, even helping to plan and diversify the strategy of these businesses. The time has come to scale up our tech, revenue management and sales teams to successfully lead the post-Covid recovery of the tourism sector.”
Martín said: “With the financing, we will prioritise the development of our data analysis and artificial intelligence [AI] teams to increase the automation of the revenue management process and market studies in each destination. As such, we will facilitate the handling of data in new and existing properties to manage a greater number of buildings in new destinations, from Argentina to Mexico, and to support our commercial team in those markets.”
The tool has been adopted by 1,500 units in the space of only six months and Turbosuite is forecasting that that figure will rise to around 5000 units by the end of the year.
The company has already been recognised at the 2021 Hospitality Innovation Exhibition [salón de la innovación H&T] in Malaga in February when it took home an award for ‘Best solution’, due to the tool’s performance in increasing revenue for hospitality businesses through a 360-degree service cloud solution. The service works as a booking accelerator through a system that combines market studies of vacation rentals in an area, data processing and the calculation of lodging prices through a predictive algorithm across booking channels such as Airbnb, Booking.com and Expedia.
Turbosuite is set to announce a new funding round in the region of €2.42 million that will allow the company to expand into further locations around the world.