06.30.2016 Hotel News Resource
Revinate Closes Series C Financing, Expands Professional Services to Meet Surging Customer Demand
New investor Sozo Ventures joins Benchmark Capital, Tenaya Capital, Formation 8, Northgate Capital, GC Hotel Tech, Tao Capital Partners, and Industry Ventures to bring total funding to over $45 million
Revinate, the software as a service (SaaS) company that helps hotels reinvent the guest experience, today announces it has raised $12.99 million in Series C financing. The company launched its first SaaS solution in 2010 to help hoteliers manage online reputation. Today, Revinate exceeds 30,000 hotel customers across over 100 countries, helping hotels increase guest satisfaction and learn more about their guests to drive additional revenue. The Series C funds bring total investment in Revinate to over $45 million.
The round was led by new investor Sozo Ventures. All current institutional investors also participated.
“It’s inspiring to see the confidence our investors have in the large market opportunity for modern SaaS solutions specialized for the hospitality industry,” says Marc Heyneker, Co-Founder and CEO of Revinate. “This investment will allow us to accelerate product development and keep pace with strong customer demand that prioritizes guest knowledge and data to drive more revenue and loyalty,” he adds.
Revinate’s more established solutions and new product innovation have consistently driven impressive results for its hotel customers. Revinate Surveys™ now offers Google review publishing in addition to TripAdvisor reviews collection, and has shown an average 409% increase in review volume and a 15% improvement in TripAdvisor market index ranking. Revinate Marketing™ is proving its value as a specialized CRM and marketing automation solution for hospitality, with a consistent 20:1 return on investment.
"With its strong global customer footprint, technology vision and leadership team, Revinate is well positioned to expand deeper into new markets and deliver value to their customers. We're excited to be a part of this next phase," said Phil Wickham, Co-founder and General Partner of Sozo Ventures.
With this funding round, Revinate also announces the promotion of Karen Stephens to VP of Professional Services to focus on increasing success amongst its rapidly growing base of customers. Karen brings over 15 years of experience in hospitality, working in both the technology and distribution sectors. Before joining Revinate in 2013, Karen worked for Sabre Hospitality for seven years in various leadership and partner-facing roles, and at Travelocity and lastminute.com.
“The overwhelming positive response from our customers about our solutions and services is highly encouraging,” says Karen. “I’m eager to lead our Professional Services team to help hotel companies of all sizes, from the biggest brands to unique independent hotels, reinvent their guest experiences and drive revenue like never before,” she adds.