Thursday, October 1, 2015

Octorate raises €500k in Venture Capital Funding from VC-Fund P101 and Business Angel Marco Corradino

Milan, October 1, 2015 - P101, the Milan-based venture capital firm led by Andrea Di Camillo, focused on early-stage investments in the digital space, and Marco Corradino, founder of Bravofly and angel investor active in the field of online travel, co-invested €500k in Octorate, the first Italian software company specializing in technology solutions for the hotel, bed and breakfast and accommodation facilities.

Octorate, born in 2012 from an idea by Fabrizio Scuppa, offers an integrated solution for accommodation facilities to manage the business of  online booking from the positioning of their offers on over 100 international platforms, thus ensuring the autonomy of hoteliers in the selection of the most efficient and profitable booking channels. To this, Octorate supports an expanded range of services for the management of the reservation and all related activities that enable individual hoteliers with a higher autonomy and efficiency in enriching the offer of even smaller facilitied. More than 7,000 accommodation facilities have to date used this solution by managing over €500M of online reservations and other services that the Octorate proprietary technology offers.

"The investment in Octorate - says Andrea Di Camillo, Managing Partner of P101 - is strategic for Programma 101 and completes the portfolio with another initiative in one of the areas where technology and domestic market have a huge development potential, as that of online tourism. Octorate is a perfect example of enabling technology at low cost that insists on a very fragmented market where digital transformation represents an indisputable growth opportunity. This operation also recognizes the bounty of what has been done by the founder that, even with limited resources, has built a powerful realty and with interesting economic results. "

"The sector of online travel booking is among those with the highest rates of growth registered in recent years and those to which industrial and financial companies are looking with great interest. Our goal with this first investment, is to support Octorate on a path of long-term development,"says Marco Corradino, angel investors specializing in the online travel space.

"We are particularly pleased that two investors as P101 and Marco Corradino have believed in our project and will support our growth in the coming years" - said Fabrizio Scuppa, founder of Octorate - "We hope, with this first round, to strengthen our presence in global markets by offering our booking offer to all lodging facilities concerned to resume control over acquisition costs and optimize the distribution of their product. "

P101 is a venture capital firm specializing in innovative and technology-driven companies with a particular focus in the areas of food, tourism, design and entertainment. Founded in 2013 and with a current endowment of over €40M and 18 portfolio companies, P101 is distinguished by its ability to provide the next generation of entrepreneurs, in addition to economic resources, including skills and services needed to boost companies growth. The fund, sponsored by Andrea Di Camillo - 15 years of experience in venture capital and one of the founders of Banzai and Vitaminic - and participated by Azimut, Italian Investment Fund and several private investors, collaborates with leading private accelerators, including HFarm, Nana Bianca, Boox and Club Italiano Investimenti. Among the companies: ContactLab, Cortilia, Tannico, Musement and MusiXmatch. Overall, the companies invested in by P101 now occupy more than 400 employees and generate a turnover of more than €30M per year, an increase of 50%. P101 is named after the first personal computer produced by Olivetti, in the 60s, Italian example of innovation that has made its mark in the history of the digital technology.

Octorate was born from the idea of proposing a solution that would bring together the most advanced technologies and offer an alternative to the systems used the big integrated hospitality chains. The company solutions aim to make it simple, fast and effective the facility management and to optimize the marketing of any accommodation offer: hotels, b&b, farmhouses, apartments, etc. The Octorate solution is able to provide a single centralized calendar to manage attendance, prices and availability of all booking channels. The ultimate goal is to simplify and speed decision making and update operations, avoid overbooking and increase sales.