Lighthouse, a data analytics platform for hotels and other entities in the hospitality sector, has successfully completed a $370 million Series C round
Lighthouse’s valuation exceeds $1 billion as a result of the KKR-led round.
A significant growth round for one of the B2B startups that serve the travel industry is yet another indication of its perceptible expansion.
The company announced that it will use the funding to develop additional data sets, analytics tools, and AI functionality. It is also possible that the company is utilizing this substantial capital injection to expand its business through acquisitions. The company has completed four acquisitions so far this year, including Stardekk.
Stardekk is a company that specializes in the development of all-in-one hotel software that facilitates reservation management and other functions.
This is one of the largest fundraising rounds for a London startup in the travel sector this year. The company is headquartered in London.
Lighthouse’s funding history is instructive for those who are currently monitoring the performance of Europe’s startup ecosystem. The company raised $80 million in 2021, during a period of high fundraising activity.
Investors have confirmed that the organization has been conducting itself ethically over the past few years through this most recent round.
Geopolitical instability, slower economic development, and slower activity in various technological sectors have outpaced startup activity in Europe. Lighthouse has targeted a global market that is presently estimated to be worth approximately $15 trillion annually. Its emphasis on business intelligence and the application of newer technologies such as AI to provide it underscores the continued opportunities that data-driven businesses perceive.
The primary tools of the organization are not directly associated with the management of personnel and accounts or the acceptance of reservations. Rather, its emphasis is on business intelligence, specifically analytics and insights. It asserts that it processes 400 terabytes of travel and market data daily and “utilizes AI” to offer customers insights. Large hotel chains use its products, while smaller operations use others.
Over 70,000 hospitality providers, including well-known brands like Holiday Inn, Radisson, and NH Hotel Group, claim to use its tools.
The round is a testament to the demand among hotels for improved tooling to enhance their pricing and overall offer to customers, at a time when we have more choice than ever before and more methods of finding and booking hotels.
Sean Fitzpatrick, the CEO of Lighthouse, expressed in a statement that the company is just starting to improve the accessibility, power, and affordability of hospitality data and tools. “The objectives we are striving to achieve deeply inspire me.” We anticipate conversing with him later today to obtain additional information.
Spectrum Equity, F-Prime Capital, Eight Roads Ventures, and Highgate Technology Ventures were all investors in the company’s previous round, and they are all participating in the latest Series C.