Deutsche Telekom Capital Partners (DTCP), the corporate venturing subsidiary of telecommunications firm Deutsche Telekom, has led a $17m series B round for Israel-based hotel industry information platform Fornova.
Family office Waypoint Capital and private equity fund JAL Ventures also took part in the round, the latter as an existing investor, though Fornova has not revealed details of its earlier rounds.
Founded in 2010, Fornova has developed a market intelligence platform that enables hotels to compare their pricing and marketing with competitors industry wide, as well as an analysis tool that converts data into actions that can help a customer improve efficiency.
The company, which has supplied its products to more than 13,000 hotels worldwide, will invest the series B funds in ramping up sales, marketing and product development.
DTCP partner Thomas Preuss said: “We are happy to support Fornova’s growth and development as a pioneer and technology leader in this space.
“We see a strong demand for a transparent and powerful business intelligence tool from all actors in the market. Proprietary data and comprehensive coverage of all sales channels are crucial determination factors in the increasingly competitive hospitality market.”