Group travel booking platform Groups360 has raised $35 million in fresh funding. The investment was led by Zigg Capital and included Blackstone Innovations Investments and Fir Tree Partners.
U.S.based Group360, which launched in 2014, received a $50 million investment from Accor, Hilton, IHG and Marriott International in 2019. The company provides availability and instant booking of hotel rooms and meeting space via its GroupSynch platform. It also provides the same capabilities to hotels through a private-label booking engine.
Groups360 says the latest investment will go toward further expansion across the EMEA and APAC regions. It recently signed deals with Omni Hotels & Resorts, TFE Hotels and Premier Inn.
Kemp Gallineau, CEO of Groups360, says: “With support from our new partners, Groups360 is positioned to more quickly seize the opportunities which lie ahead for improving group travel.”
Dave Eisenberg, founding partner of Zigg Capital, says: “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.”
John Stecher, chief technology officer at Blackstone, adds: “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 stage of growth. 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.”
A report from Amadeus published earlier this week reveals group travel is increasing with “on-the-books” advance occupancy rates already exceeding performance in 2021 and 2020.