Revenue management systems provider RoomPriceGenie, a PhocusWire Hot 25 Travel Startup for 2022, has received a $75 million investment to boost its expansion across the globe.
The capital from Five Elms Capital comes alongside an announcement that Chas Scarantino has been named CEO of RoomPriceGenie while current CEO and co-founder Ari Andricopoulos will become the chief strategy officer.
Andricopoulos said the company was founded in 2017 in an effort to make automated pricing more accessible to independent properties.
Subscribe to our newsletter below
"While we've grown and expanded our functionality, our core philosophy of simplicity and efficacy remains,” Andricopoulos said. “With our new OpenAPI PMS integration and investment from Five Elms Capital, combined with Chas' leadership and expertise, we're positioned to help more independent hotels and groups maximize revenue through automated pricing technology."
The company said it is profitable with more 3,000 hotel clients in 65 countries.
“RoomPriceGenie has built an outstanding platform, a strong company culture and a team deeply committed to helping hotels optimize their revenue,” Scarantino said. ‘The company has already established itself as the best RMS for independent hotels and a forward-thinking integration partner for PMS providers. I’m excited to build on this success and expand our reach while preserving the unique Genie Culture that makes RoomPriceGenie exceptional.”
RoomPriceGenie received a $2.2 million investment in 2021.