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PITCH
Big Data hospitality platform Beonprice helps hoteliers to stay ahead of competitors and squeeze out the best margins in real time.
WHY?

Smart real-time pricing

Up-to-date information on competitors and seasonal trends will maximize Revenue Per Available Room (RevPAR).

Fragmented market data

All-in-one analytics platform needed to provide real-time hospitality and tourism data to optimize hoteliers’ profitability.

MARKET

€25 million

Total hotel revenue for 2016 in Spain

Tourism remains one of the pillars of the Spanish economy with hotel investments reaching €2 billion in 2016.

PRODUCT
Beonprice operates an intelligent Big Data-driven Revenue Management System (RMS) for the hospitality industry. Real-time updates on bookings, published rates, competitors and quality ratings can maximize hotel occupancy at optimal room rates every day. Different RMS packages are available including a fully automated RMS.
Beonprice operates an intelligent Big Data-driven Revenue Management System (RMS) for the hospitality industry. Real-time updates on bookings, published rates, competitors and quality ratings can maximize hotel occupancy at optimal room rates every day. Different RMS packages are available including a fully automated RMS.
BUSINESS MODEL
Beonprice offers bespoke plans to clients in the hospitality and tourism sectors. The RMS and Big Data market intelligence services can be tailor-made to specific needs of hoteliers, desired destinations and property portfolios. Fees are charged according to the services and extra features required by clients.

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Beonprice has more than 2,000 clients in 30 countries, including international chains Iberostars Hotels and Resorts, Room Mate Hotels, Petit Palace Hotel, Lopesan and Group Posadas.

The data analytics platform interprets the information collated to produce useful market intelligence for hoteliers. For example, real-time data is constantly mined from relevant websites relating to published room rates of competitors, price disparities, online reputation and online visibility.

Hotel managers can use the data to set optimum or competitive room rates and special offers in real time. The patented BQI (BEONPRICE Quality Index®) can also synthesize customer behavior to help give them better experiences. Budget forecasting software is also available.

Pro, Advanced and Premium packages are offered, allowing clients to customize the software according to their business needs. The three main RMS features are:

  • Indie -  market intelligence for Revenue managers for better decision-making.
  • Challenger - core RMS with extra features like BQI to obtain KPIs based on location, rooms, services, facilities, catering, online reputation, etc.
  • Mastermind - includes all the above, with the added ability to regenerate itself every day. It also automatically publishes new room prices from various distribution channels or websites.

TIMELINE

  • Launch
  • Growth
  • Recent Developments
  • Future Plans
  • 2013 - Official launch; Founder Institute’s accelerator kickstart.

    Read in detail:

    The launch

    The co-founders conceived the idea for Beonprice after hearing about the problems of using RMS from a relative who was working at a local hotel. Using the “lean startup” philosophy while at the Madrid Founder Institute in 2012, Sánchez and Galán decided to build a skeleton version of a dynamic pricing platform for hoteliers.

    • Officially launched Beonprice and RMS services to hotel companies.
    • Received kickstart capital from Founder Institute, a startup accelerator in Silicon Valley.
    • Chosen by the Junta de Castilla y León for the ADE2020 program.
    • By April 2014, Beonprice had five employees and 300 hotel clients across 12 countries.
  • 2016 - Immersion Program of Spain Tech Center; opened HQ in San Francisco; signed up multinational NH Hotel Group.

    Read in detail:

    Expansion

    February, selected for the Immersion Program of the Spain Tech Center. Co-founders went to Silicon Valley to meet investors and other international startups.

    • New head office was opened in San Francisco to enter the North American market. Offices already operating in Mexico City, Miami and Bogota. A New York office to be opened later in the year.
    • Beonprice had 1,500 clients in 20 countries worldwide. Revenue had tripled since the launch three years ago, on track to hit €1 million by end 2016.

    March, NH Hotel Group will incorporate RMS from Beonprice into their hotels to gain more market intelligence, boosting Beonprice’s reputation among multinational operators in the hospitality industry.

    Q2, won the Best Digital Business Initiative in the E-volución awards.

    • In November, Beonprice was among the top 20 runners up for the Finnish startup event Slush 2016. Beonprice was shortlisted from a huge selection of 2,336 startups.
  • 2017 - Secured €1.4 million funding; former NH Hotel Group senior manager joined as Head of Customer Experience.

    Read in detail:

    Expansion

    September, new office was opened in Madrid Google Campus to increase presence in the Spanish startup ecosystem.

    • Two different teams were based at the campus to focus on improving customer engagement and to set up a Beonprice Academy to research and develop better revenue management solutions.
    Fundings

    May, received €1.4 million from K Fund and Sodical. The funds were used to expand the platform to expedite growth in Spain, USA and Latin America.

    Key personnel

    December, started recruiting international talent for senior management roles as part of globalization strategy.

    • Neville Isaac, former Head of Revenue Strategy at NH Hotel Group, joined as new Head of Customer Experience to further optimize customer experiences.
  • Recent Developments

    In January 2018, a new corporate brand was launched at FITUR, an international tourism trade fair held in Madrid, Spain. The rebranding was part of the company’s “quality leap on two fronts”:

    • Data-driven to produce even more intelligent RMS and higher RevPAR for hoteliers including automated pricing, distribution channels, customer loyalty index and overall strategy to empower managers to achieve maximum profitability.
    • People-driven services for more enhanced customer engagement or Customer-Centric Revenue Management.

  • Future Plans

    Beonprice is evolving into a more industry-led and client-oriented platform, using Big Data to drive expansion through innovation and collaboration. Launch of Customer-Centric Management services to focus on customer care and industry needs:

    • Academy - support clients in staff training to use RMS effectively for decision-making.
    • Labs -  focus on R&D in collaboration with individual clients on special projects.

    Customer engagement or Revenue managers will be allocated to help clients with matters relating to RMS and monitoring of KPI results. A dedicated customer care service will also be available for any other issues.

Updated: 01/2018

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