The price is right! Pace raises £2.5M to automate hotel room pricing based on demand
Pace, a London startup that has developed tech that uses machine learning to let hotels set room prices dynamically 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.
Founded in 2016 by Jens Munch, John-Paul Clarke and Jason Pinto, Pace is developing dynamic pricing technology that is first being applied to hotels to help them tackle under-occupancy (i.e. empty, unsold hotel rooms) and to maximise profits when demand exceeds supply. The startup reckons that the current imbalance in supply and demand costs the hotel industry up to $100 billion every year because inventory is wasted and hotels fail to get the best price for each room.To achieve this, Pace’s ...
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