Fornova secures $17 million to expand hotel marketing technology

Published on : Wednesday, May 3, 2017

Fornova, hotel technology provider has secured a $17 million financing round led by Deutsche Telekom Capital Partners. The Israel-based company has seen the participation in the Series B round from Waypoint Capital and a previous backer, JAL Ventures. Previously, it had received an undisclosed amount as part of a Series A investment in October 2015.

The two main pillars of Fornova are market intelligence platform for hotels of collect and analyse information about the market and their pricing strategy; and a distribution and channel management service.

The new investment will be now used for supporting the expansion of the sales and marketing behind the company, as well as on product development.

According to CEO Dori Stein, the hotel industry is at an inflection point in its struggle to optimize online revenue and drive sales.. In spite of the proliferation of the new technologies and the revenue solutions, hoteliers continue to overlook the fundamentally dynamic nature of the online marketplace.

Over the course of time, Fornova, which initially started as the platform for big consumer brands such as Nike, Gucci, Nordstrom, and IKEA concentrated solely on the hospitality sector.