RMS provider independent hotels and groups, RoomPriceGenie has closed a $75 million USD investment from Five Elms Capital – which is around £59,564,702 million (at time of publish) – to accelerate international expansion and further enhance its platform.
As part of this next phase of growth, technology executive Chas Scarantino has been appointed as CEO.
Scarantino brings extensive experience building and scaling technology companies, leading global expansion efforts and driving operational excellence.
Over the course of his career, he has successfully led teams to market products across the US, the UK, Israel, Japan and Australia, in addition to founding and scaling his own ventures.
“My passion is scaling teams, developing talent, and fostering a culture that drives both innovation and execution,” he said.
“RoomPriceGenie has built an outstanding platform, a strong company culture and a team deeply committed to helping hotels optimise their revenue.
“The company has already established itself as the best RMS for independent hotels and a forward-thinking integration partner for PMS providers.”
He added: “I’m excited to build on this success and expand our reach while preserving the unique Genie Culture that makes RoomPriceGenie exceptional.”
Co-founder and current RoomPriceGenie CEO, Ari Andricopoulos, will transition to chief strategy officer (CSO), focusing on product innovation and strategic partnerships.
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“According to Skift Research, only about 10% of hoteliers use a dedicated RMS for pricing, with adoption historically skewed toward larger properties and branded chains,” said Andricopoulos.
“RoomPriceGenie was founded in 2017 to make automated pricing more accessible and intuitive for independent properties. While we’ve grown and expanded our functionality, our core philosophy of simplicity and efficacy remains.
“With our new OpenAPI PMS integration and investment from Five Elms Capital, combined with Chas’ leadership and expertise, we’re positioned to help more independent hotels and groups maximize revenue through automated pricing technology.”
RoomPriceGenie, which has grown into a global business, with over 100 employees and 3,000+ hotel clients across 65 countries, has achieved rapid, efficient growth while reaching profitability.
“Five Elms identified RoomPriceGenie as a category leader in revenue management, both technologically and operationally,” said Ryan Mandl, partner at Five Elms Capital.
“The launch of RoomPriceGenie’s OpenAPI – the first revenue management system integration of its kind – underscores the team’s commitment to innovation, allowing PMS providers to integrate its solution seamlessly without the typical costs or complexities. We are excited to support the company as it continues to scale.”
