Innroad™ Completes $5.8 Million Series B Financing
Funds to Support Sales and Marketing, Development, and International Growth
Southampton, NY – June 5, 2012 – innRoad, the leading software as a service cloud solution for hotel property management, bookings, global distribution, and marketing for independent hotels, today announced that it has secured $5.8 million in a Series B financing for the growth and expansion of its hospitality software platform worldwide. Blue Heron Capital and Rose Park Advisors led the financing. Patrick Campbell from Blue Heron and Matt Christensen of Rose Park will join the innRoad Board of Directors. To date, the company has raised a total of $7.7 million.
The investment from Rose Park, which identifies companies whose innovative business models are disrupting the status quo, is a testament to innRoad"s game-changing solution in the hospitality sector. Proceeds from this financing will fund development improvements to innRoad"s current platform, new applications, sales and marketing, and working capital needs, both in the U.S. and internationally. The company has realized rapid success since its launch in 2008, increasing the ROI for its clients in over 10 countries. innRoad's customers represent a wide range of independent hotels, including small inns from 15 rooms to larger hotels with more than 300.
"innRoad's elegant all-in-one hospitality management solution has the potential to revolutionize the way owners incorporate technology into their properties." noted Sam Sezak, partner at Blue Heron Capital. "The company has already demonstrated that it is the only true cloud-based hospitality management solution that seamlessly integrates property management, bookings, reservations, payments, and marketing, and we are excited to support their efforts to improve their current platform and also introduce new applications such as revenue management." Rose Park Partner Matt Christensen added, "The hotel industry is uniquely fragmented - most hotels globally are independent and unsophisticated when it comes to technology. Uniquely innovative companies, such as innRoad, have the opportunity to come in, create new markets, and eventually disrupt the marketplace."
innRoad's software solution has been selected by more than 350 independent hotel properties in the Americas and Europe. "We are thrilled to be working with financial partners with deep domain experience and understanding of how innovative technologies can disrupt long established markets. The hospitality industry has entered a new era in which independent hotels have gained the advantage over their branded counterparts, largely through platforms such as ours. This partnership and funding will support the further development of our industry-leading platform and accelerate our expansion into new markets," said Murat Ozsu, CEO of innRoad.
About innRoad
innRoad, located in Southampton, NY, is the only Software-as-a-Service (SaaS) hotel software solution that seamlessly integrates property management, global distribution, bookings and marketing–all on a single, easy-to-use platform designed exclusively for independent hoteliers, hotel chains and hotel management companies. To learn more, please visit www.innroad.com
About Blue Heron Capital
Located in Richmond, VA and Washington, DC, Blue Heron Capital delivers equity financing and strategic resources to operating companies through its high-value investor network. The company has established a robust portfolio of C-level executives and entrepreneurs who are industry experts in their fields. Through their investor base, Blue Heron brings capital, industry expertise and a powerful network to support the growth and long-term value of its portfolio companies. To learn more, please visit www.blueheroncap.com.
About Rose Park Advisors
Rose Park Advisors, LLC (RPA), based in Boston, MA, is a specialized investment firm focused on identifying investment opportunities by applying the framework of disruptive innovation. Rose Park Advisors LLC was founded in 2007 by Harvard Business School's Clayton Christensen, the NY Times bestselling author of The Innovator's Dilemma, and architect of the framework of disruptive innovation. Christensen's co-founders are Matthew Christensen, previously a consultant with Innosight and the Boston Consulting Group, and Whitney Johnson, formerly a double-ranked Institutional Investor equity analyst at Merrill Lynch. To learn more, please visit www.roseparkadvisors.com.
Ahmet Can
SVP, Operations
631-458-0057
