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Tech-focused Accel Partners leads $21m round for hotel software company Duetto

10 Jul 2014

elegant-hallway-864739-mVenture capital firm Accel Partners has led a $21m financing round for hotel profit software producer Duetto.

Battery Ventures, Altimeter Capital and Leland Pillsbury also invested in the company, which plans to use the cash to extend its customer base throughout Europe and Asia.

Duetto makes hotel profit optimisation software which handles the complexity of different customer segments, room categories, length of stay restrictions and distribution channels.

Accel Partners Brian O’Malley said, “While we have witnessed the impact of big data infrastructure first hand through our investment in Cloudera, these benefits have been limited to only the most sophisticated IT organizations.

“We are excited to partner with Duetto to put this same power in the hands of hoteliers who finally have the necessary visibility into their properties to maximize occupancy and profitability.”

Duetto was launched in 2012 and its product is currently used in 16 countries. Early users of its software have seen 10 to 20 per cent revenue increases, according to the company.

Accel Partners laid down the biggest chunk of investment for online money transfer service WorldRemit which closed a $40m Series A financing round in March this year.

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