Fornova, a Yokneam Illit, Israel-based provider of its market intelligence and market visibility solutions for hotels, closed a $17M series B financing.
The round was led by Deutsche Telekom Capital Partners (DTCP), with participation from Waypoint Capital and existing investor JAL Ventures.
The company intends to use the funds to to grow sales, marketing and productization worldwide.
Led by CEO Dori Stein, Fornova provides intelligence-based technology for hotels to optimize brand visibility online, drive traffic to websites, improve occupancy and close more bookings.
The company’s technologies for scanning, extracting and analyzing massive amounts of information from the online marketplace provide a two-tiered solution:
– a market intelligence product that allows hotels to collect and analyze all the available information from the market, to better understand how their hotels are priced, ranked and presented on the different online marketing channels, and
– a channelling and market visibility product that translates the data analysis into actions, which have direct effect on occupancy and direct website sales.
Based in Israel with offices in London, Amsterdam, New York and Ukraine, Fornova currently serves more than 13,000 hotels including brands such as Marriott, Hilton, NH Hotels, and Premier Inn.