Duetto, hospitality’s only Revenue Strategy Platform, announced today the closing of an $80 million Series D financing round led by funds affiliated with Warburg Pincus, a leading global private equity firm focused on growth investing. The round is the largest ever non-acquisition investment in a software company serving the hotel industry.
DuettoÊwas founded in 2012 by CEOÊPatrick Bosworth, Chief Marketing and Strategy OfficerÊMarco BenvenutiÊand Chief Technology OfficerÊCraig Weissman, the former CTO at Salesforce.com. ÊThe company’s flagship software-as-a-service (SaaS) application, GameChanger, brought machine learning, new consumer-centric data and the breakthrough innovation of Open Pricing to the industry, enabling hotel companies to independently price all distribution channels, customer segments, room types and stay dates in real time. ÊDuetto, headquartered inÊSan FranciscoÊand with offices inÊLas Vegas,ÊCleveland,ÊLondonÊandÊSingapore, has quickly grown to serve more than 2,500 hotels and casinos in more than 60 countries. ÊThose customers have consistently outperformed the market, beating their competition’s rate of revenue growth by more than 6.5% since the launch of the company.
“As the pace of change has accelerated and the threats of digital disruption have grown, so have our efforts to help this industry we are so passionate about.Ê We are pleased to have the support of Warburg Pincus, whose extensive experience in building SaaS businesses of scale will help drive our growth and provide solutions to more hoteliers worldwide,” saidÊPatrick Bosworth, co-founder and CEO of Duetto. Ê”For more than a decade, hotel companies have been looking for ways to compete more effectively with online travel agencies and drive more direct business. ÊBy unifying data across the tech stack, our platform has become the single source capable of delivering true personalization to consumers. ÊHoteliers now have the ability to increase conversion and drive more direct engagement with consumers by personalizing pricing and merchandising at the point of booking.”
“Duetto has established itself as the market leader in the hotel revenue management space, providing its customers with next-generation solutions to optimize demand, maximize rates and minimize costs,” saidÊAshutosh Somani, Managing Director, Warburg Pincus.Ê “With its strong domain experience and deep cloud SaaS technology leadership, Duetto is uniquely positioned to bring new capabilities to the hospitality industry.Ê We look forward to supporting Patrick and the Duetto leadership team in their next chapter of growth.”
Duetto’s Revenue Strategy Platform brings together all core technologies and data to make them accessible through multitenant cloud architecture using AWS and MongoDB, enabling future innovations and new applications. ÊThe company’s intelligent reporting application ScoreBoard forecasts and analyzes performance, delivering key insights to stakeholders across the organization. ÊBlockBuster brings Open Pricing to contracted group business and enhances collaboration between the sales and revenue management teams. ÊPlayMaker, the industry’s first application to personalize the booking experience in real time, customizes merchandising content and offers for known and unknown guests.
“We want to modernize e-commerce in the hotel industry with our Revenue Strategy Platform at the centre of the new hotel tech stack,” saidÊMarco Benvenuti, Chief Marketing and Strategy Officer of Duetto. Ê”Our cloud platform is open and agnostic and we look forward to partnering with other technology companies to unlock new ways of driving efficiencies and more revenue for the hotelier. With our agile development process, we will continually improve our core applications while looking to develop new products when there is a crucial industry need not being served.”
Duetto is backed by investors Warburg Pincus, Icon Ventures, Accel Partners, Battery Ventures and Spectrum 28.
