San Francisco, CA (PRWEB) July 25, 2012
Today, Revinate, the leading provider of cloud-based enterprise software for the hospitality industry, has raised $14.5 million in Series A financing from leading venture capital firms Benchmark Capital and Formation 8. The funding will be used to accelerate Revinate’s international expansion and for product development. Revinate, which recently celebrated its third anniversary, has well over 10,000 hotel and restaurant customers worldwide using its software platform to manage online reputation and connect with guests in today’s rapidly changing social media landscape. Revinate’s customers include the world’s top brands, management companies and ownership groups, such as Wyndham Hotel Group, Carlson Rezidor Hotel Group, Hyatt, White Lodging Services Corp. and Kimpton Hotels and Restaurants.
Jay Ashton, Revinate’s co-founder and CEO says, “We’re extremely excited to have Benchmark’s Peter Fenton and Formation 8’s Joe Lonsdale joining our board to help accelerate our growth to become the worldwide industry leader. Peter has an incredible track record guiding the success of great companies such as Twitter and Yelp, amongst many others. Joe, as co-founder of Palantir and Addepar, brings highly relevant technology vision and operating experience in big data analytics. In addition, Rich Barton, active Benchmark venture partner, founder of Expedia, and chairman of Zillow and glassdoor will also invest, advise Revinate and help drive strategy and growth. We’re fortunate to have assembled the ultimate team to help Revinate capitalize on our significant opportunity to help global hospitality companies thrive in today’s rapidly changing market.”
Peter Fenton, General Partner of Benchmark, says, “Jay Ashton and Marc Heyneker are terrific entrepreneurs seizing the opportunity of cloud and social to bring unique insights to the hospitality industry, which thrives on customer engagement and word of mouth. My partners and I have witnessed first-hand - through our involvement with Twitter, Instagram, Yelp and Facebook - the power of social channels to directly connect brands and consumers. I look forward to building upon Revinate's success as they continue to expand and scale."
Joe Lonsdale, General Partner of newly formed Formation 8, says, “We’re thrilled with Revinate’s success to date and the world-class team and culture they have built. We see huge potential for additional products and services that deliver even more value to customers, and, with our firm’s strong ties in Asia, we’re in a great position to help Revinate with global expansion.”
News of the funding comes of the heels of other major milestones at Revinate. In February, Wyndham Hotel Group, the world’s largest hospitality company, selected Revinate for all of its properties and corporate staff worldwide. Revinate has also opened its first office outside the United States, in Hong Kong, and will soon move to new corporate headquarters in the Letterman Digital Arts complex in the Presidio of San Francisco.
With user generated content and reviews increasing in both number and importance, hotel and restaurant owners and operators have a simple choice: either ignore the cacophony of social media and hope for the best or proactively track and manage what is being said online in a way that deepens customer relationships, strengthens brands and boosts revenue. If you opt for the latter, then Revinate’s user-friendly software platform, custom-designed for the unique needs of the hospitality industry, is an irreplaceable tool. Revinate’s powerful technology monitors all of the important social media venues – including Twitter, Facebook and TripAdvisor – and provides instant alerts whenever your property or brand is mentioned. With information comes power: in this case, the power to please a disgruntled customer, monitor the competition and set yourself apart when it comes to guest satisfaction and loyalty. Based in San Francisco, Revinate counts the world’s leading hospitality brands as clients. To learn more, please visit http://www.revinate.com.