innRoad™ Completes $5.8 Million Series B Financing

  • innRoad, Inc.
  • 06.05.12
innRoad, a leading software as a service cloud solution for hotel property management, bookings, global distribution and marketing for independent hotels, announced that it has secured $5.8 million in a Series B financing for the growth and expansion of its hospitality software platform worldwide. Blue Heron Capital and Rose Park Advisors led the financing. Patrick Campbell from Blue Heron and Matt Christensen of Rose Park will join the innRoad Board of Directors. To date, the company has raised a total of $7.7 million.

“The company has already demonstrated that it is the only true cloud-based hospitality management solution that seamlessly integrates property management, bookings, reservations, payments, and marketing, and we are excited to support their efforts to improve their current platform and also introduce new applications such as revenue management.”

The investment from Rose Park, which identifies companies whose innovative business models are disrupting the status quo, is a testament to innRoad’s game-changing solution in the hospitality sector. Proceeds from this financing will fund development improvements to innRoad’s current platform, new applications, sales and marketing, and working capital needs, both in the U.S. and internationally. The company has realized rapid success since its launch in 2008, increasing the ROI for its clients in over 10 countries. innRoad's customers represent a wide range of independent hotels, including small inns from 15 rooms to larger hotels with more than 300.

“innRoad's elegant all-in-one hospitality management solution has the potential to revolutionize the way owners incorporate technology into their properties,” said Sam Sezak, partner at Blue Heron Capital. “The company has already demonstrated that it is the only true cloud-based hospitality management solution that seamlessly integrates property management, bookings, reservations, payments and marketing, and we are excited to support their efforts to improve their current platform and also introduce new applications such as revenue management.” Rose Park Partner Matt Christensen said, “The hotel industry is uniquely fragmented - most hotels globally are independent and unsophisticated when it comes to technology. Uniquely innovative companies, such as innRoad, have the opportunity to come in, create new markets, and eventually disrupt the marketplace.”
 
innRoad's software solution has been selected by more than 350 independent hotel properties in the Americas and Europe. “We are thrilled to be working with financial partners with deep domain experience and understanding of how innovative technologies can disrupt long established markets. The hospitality industry has entered a new era in which independent hotels have gained the advantage over their branded counterparts, largely through platforms such as ours. This partnership and funding will support the further development of our industry-leading platform and accelerate our expansion into new markets,” said Murat Ozsu, CEO of innRoad.




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