Nashville, the U.S.-based hospitality startup Groups360 raised USD 35 million in a funding round on April 7, 2022. Zigg Capital led the funding for Groups360.
Meanwhile, Blackstone Innovations Investments and Fir Tree Partners invested in the funding. They join existing investors such as Accor, Hilton, IHG Hotels & Resorts, and Marriott International.
Purpose of Funding for Groups360
The startup plans to use the money to expand in Europe, the Middle East and Africa, plus the Asia Pacific region.
Groups360 will also leverage the financing round to continue to grow its operations. Previously, the existing investors provided the startup with USD 50 million in funding in 2019.
What do the officials of Groups360 have to say
Kemp Gallineau, the CEO of Groups360, said, “Groups360 is reshaping the hospitality industry in a manner that makes booking groups simple, transparent and efficient for both hotels and event organizers. Now, with support from our new partners, Groups360 is positioned to more quickly seize the opportunities which lie ahead for improving group travel.”
What the investors have to say
“Event organizers increasingly expect their entire hotel purchase experience to be seamless, instantaneous and online. Groups360 has built an integrated, intuitive platform that benefits hoteliers and event organizers anywhere in the world,” said Dave Eisenberg, a founding partner at Zigg Capital.
John Stecher, chief technology officer at Blackstone, said, “Groups360 offers a solution that is truly differentiated in the marketplace. The Blackstone Innovations Investments team is focused on identifying, investing in and partnering with pioneering companies like Groups360 to help take their businesses to the next growth stage. We believe that Groups360’s inventory distribution model and instant booking capability will help drive industry-wide transformation and can create value for Blackstone’s real estate portfolio.”
In addition, David Sultan, chief investment officer and managing partner at Fir Tree Partners, said “With Groups360’s innovative platform and unique relationships with some of the largest hotel brands in the world, the company is in a position to simplify group bookings for both suppliers and travellers. We also see a tremendous opportunity for Groups360 to drive online penetration in a global meetings market that has mainly remained offline.”
About Groups360
Groups360 is a leading platform for booking group travel. It provides real-time availability and instant booking capabilities for hotel room blocks and meeting spaces. The startup streamlines group travel for organizers, attendees, and hotels.
Over the last 12 months, Groups360 has launched instant booking for group stays for more than 7,000 leading hotel properties. It also launched booking capabilities at 200,000 hotel properties worldwide via its proprietary bookings marketplace, GroupSync. The startup recently announced commercial partnerships with Omni Hotels & Resorts, TFE Hotels, and Premier Inn.
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