Duetto Secures $21M Funding to Extend Global Reach

  • Duetto
  • 07.09.14
Duetto, a hotel profit optimization software, has announced the closing of a $21 million financing led by Accel Partners to accelerate worldwide expansion.

"Even though travel is the most penetrated category online, hoteliers are stuck using 20 year old technologies that cannot keep up with today's distribution needs," said Patrick Bosworth, CEO of Duetto. "While third party intermediaries, such as Priceline and Expedia, continue to innovate and thrive, hotel profitability has remained stagnant.  We are giving hotel owners, operators and managers the tools they need to level the playing field and recapture revenue that is being lost on commissions."

Duetto is one of the only pricing solutions able to handle the complexity of different customer segments, room categories, length of stay restrictions and distribution channels.  The company's unique advantage stems from the combined background of its founders.  Patrick Bosworth and Marco Benvenuti bring deep domain expertise and innovative methodologies derived from their experience at Wynn Resorts and other casino hotels.  This, combined with co-founder, and former chief technology officer of Salesforce.com, Craig Weissman's knowledge of cloud platforms enables the team to tackle the largest problems the hotel industry faces today. 

"While we have witnessed the impact of big data infrastructure firsthand through our investment in Cloudera, these benefits have been limited to only the most sophisticated IT organizations," said Brian O'Malley, partner at Accel Partners.  "We are excited to partner with Duetto to put this same power in the hands of hoteliers who finally have the necessary visibility into their properties to maximize occupancy and profitability."

Since 2012, Duetto has signed hundreds of properties and is currently deployed in 16 countries. Early customers are seeing strong results with 10 to 20 percent revenue increases, more than doubling profitability in several cases.  To keep pace with demand, Duetto plans to continue its expansion into key markets throughout Europe and Asia.

Also participating in the round are previous Duetto investors, including Battery Ventures, Altimeter Capital, Leland Pillsbury, founding partner, co-chairman and CEO of Thayer Lodging, and Marc Benioff, the founder, chairman and CEO of Salesforce.com.

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