Roovook raises Series A to digitize hotel and resort group bookings

Roovook, a startup that provides sales automation solutions for hotels and convention venues, announced on the 7th that it had raised Series A funding from Hyundai Investment Partners and Los Angeles-based VC Strong Ventures. The amount was not disclosed. Industry observers say the investment gives Roovook a foundation to expand its presence in the B2B (business-to-business) booking solutions market.

Roovook has focused on digitizing the traditionally analog market for event venues and room bookings for B2B group customers. Previously, companies and event planners had to request individual quotes from hotels and banquet halls by phone, email, or fax. Roovook’s EMS (Event & Sales Management Solution) lets users generate quotes online and preview venues using VR content, significantly shortening the sales process. More than 70 venues, primarily in Seoul, already use the service, including global hotel chains such as Marriott, IHG, and Accor, as well as restaurants such as fine-dining establishment Smith & Wollensky, known for its charity lunch auction with Warren Buffett.

The market has cited room availability management, pricing volatility, and complex communications as reasons the group booking market has been slow to digitize. By structuring this complex process as SaaS (Software as a Service), Roovook helps hotels improve demand forecasting and sales efficiency while giving customers a one-click booking experience.

Lee Jun-byeong, a manager at Hyundai Investment Partners, which led the investment, said, “Roovook has identified a clear gap in the B2B travel and events industry and is rapidly penetrating the market with its SaaS-based solution.”

Roovook has operated the Roovook Venue Network, which brings together listings for banquet halls and event spaces. It has now expanded online group room booking for hotels and resorts through its new platform, Roovook Group Bookings. The platform supports group bookings of 10 or more rooms and long-term stays, a market segment that most OTAs (online travel agencies) have yet to serve effectively.

A Roovook representative said, “B2B bookings in the MICE industry and group travel market are still largely handled offline. Roovook Group Bookings will help address the market’s longstanding inefficiencies.”