Event: 2021 Phocuswright Europe
Product: FornovaHL (Fornova Hotel Listings)
HQ: London, U.K.
Principal(s): Dori Stein CEO; Michael Rubanovich Founder, VP R&D & CTO; Dima Babitsky Founder & Chief Scientist; Einav Netzer, CFO; Nir Dupler, CRO
Funding: May 2017: $17M Series B round led by Deutsche Telekom Capital Partners; Sept 2019: $7M round led by A/O PropTech
Product Description: Hoteliers know to count on Fornova to monitor and manage their distribution and protect rate parity, but content parity is becoming equally important. FornovaHL (Hotel Listings) enables hoteliers to automatically update their property's profile including NAP (name, address, phone number), attributes and photos on Google My Business, Tripadvisor and Facebook from one secure, centralized, easy-to-use platform. Other travel metasearch engines and business directories will be added in the coming months. For now, hoteliers can download their profile from FornovaHL and use it across all channels.
Business Model: Cloud-based SaaS, charged on the basis of the number of rooms in a hotel or hotels in a chain, depending on the solution.
Competitors: Our solutions usually compete with RateGain, OTA Insight and TravelClick. But FornovaHL is unique in the hospitality industry and outwith the capabilities of those competitors, so probably it competes with Yext, Uberall & BrightLocal - or inaction.
Competitive Edge: Our patented scanning and data aggregation technology tracks 100,000 hotel brand.com, OTA and metasearch websites every day by emulating human visitors and using image analysis. As a result, we have the industry's most comprehensive global data set of hotel pricing, consisting of 1.25 billion rates from over 70 different countries (points of sale).
Market Opportunity: The global hospitality industry has been one of the sectors most affected by the pandemic. Out of 880,000 hotels in the world, the vast majority are independent properties. Without a chain's distribution or a brand's marketing to fall back on, many have struggled - and some continue to do so. Fornova is committed to supporting the industry's recovery, so FornovaHL is free to use for all independent hotels worldwide forever - and the same goes for the first hotel in any chain. We did not create this for profit, however it has the potential to develop into a fee-earning opportunity in the future as a solution for hotel chains or management companies, if we identify market demand for it.
Early Customers: Booking.com, Agoda, Marriott, Hyatt, Premier Inn
Contact: Michail Tzouvelekis, Director of Global Marketing; [email protected]; +44 779 312 5150