Hotel upselling platform Oaky raises $9.5m in Series A funding

by | 02 Mar 2020 | Expansions, General News

From L to R: Oaky’s co-founders Tako Paddenburg, Lars Jonker & Erik Tengen.

Oaky, the automated upselling platform for hoteliers, will use the new funds to accelerate product development and expansion into new markets.

Oaky, the automated upselling platform for hoteliers, announced that it has closed a $9.5 million Series A financing. PeakSpan Capital, a growth-stage investment firm focused on the B2B software arena with offices in New York and Silicon Valley, led the round. Oaky will use the funds to increase investment in product development, continued geographic expansion and team growth across all functional groups.

“We are beyond thrilled to announce our Series A financing today and formally welcome PeakSpan to the Oaky family. PeakSpan’s extensive experience working with growth-stage B2B SaaS businesses coupled with their focus on the Hospitality Technology arena makes them a perfect partner for Oaky’s next phase of growth and development. Their shared passion for our vision and opportunity was evident from our very first discussion, and the philosophical alignment across our organizations is palpable. We’re incredibly energized to leverage this investment to scale all areas of our organization, continue our geographic expansion and solidify Oaky’s position as the global thought leader in this burgeoning category,” says Lars Jonker, Co-Founder at Oaky.

Oaky’s mission since its founding has been to help hoteliers capture incremental revenue and enable a superior guest experience by offering travelers relevant services in a personalized manner based on their specific preferences and needs. Oaky’s platform analyzes a vast array of data about each guest to derive demographic, behavior and intent information which is then utilized to intelligently deliver individualized offers to the right guest at the right time. Oaky has demonstrated the power of its platform to drive impact and significant ROI for hoteliers and now works with around 1,500 hotels across 90 countries around the globe.

Oaky Co-Founder Tako Paddenburg added: “PeakSpan and Oaky are a fantastic match. We are both young, ambitious organizations that value openness and transparency. Bringing together the best elements of European and American culture will make our partnership a success and help us achieve our ambitious goals.”

Oaky has shown an ability to produce value for a broad array of property types, from global enterprise chains like Radisson Hotel Group to independent hotel groups like UK-based Apex Hotels, elucidating the global resonance of Oaky’s innovative approach to upselling. “In PeakSpan, we found a partner that loves data and understanding customer behavior as much as we do. This partnership marks an exciting milestone in Oaky’s history and will provide us with the resources and expertise to realize the success we know is achievable. Thank you to everyone who has supported us along this journey, including our amazing team, customers, partners, investors and ambassadors,” says Oaky Co-Founder, Erik Tengen.

Matt Melymuka, Partner and Co-Founder at PeakSpan, added: “We’re thrilled to be partnering with Oaky in this next phase of growth and maturation. As a highly-focused firm investing only in growth-stage, B2B software businesses across a tight roster of segments/themes within the B2B software universe, our mission is to cultivate a deep understanding of the segments we invest in, enabling us to be true thought partners to the teams we back. Hospitality Tech has been one of our most active themes, and the long-term perspective and appreciation for the nuanced dynamics of the category we’ve developed over the last several years enabled us to quickly identify the strategic value of Oaky’s position in the market. We’ve been consistently impressed by the grit, passion and authenticity that permeates the culture of the organization, and we’re energized to support the team and collectively capitalize on the opportunity in front of us.”

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