(Bloomberg) -- Lighthouse, a startup that helps hotels analyze market demand and rates, has raised about $370 million in a funding round led by private equity firm KKR & Co.
Lighthouse plans to use the proceeds on product innovation, strategic acquisitions and global expansion, according to a statement seen by Bloomberg News on Thursday. KKR is making the investment in Lighthouse through its Next General Technology III Fund.
The latest Series C investment values Lighthouse at more than $1 billion, according to people familiar with the matter, who asked not to be identified because the information is private. The hospitality tech firm raised about $80 million in a funding round in November 2021.
Formerly known as OTA Insight, Lighthouse provides market insights, business intelligence and pricing tools for the travel and hospitality industry. More than 70,000 hoteliers use its platform, according to the statement. Its existing investors include Spectrum Equity, F-Prime Capital, Eight Roads Ventures and Highgate Technology Ventures.
“In terms of our M&A strategy, we see the benefit of acquiring great IP and talented teams to accelerate our platform strategy instead of just consolidating the market,” Lighthouse Chief Executive officer of Sean Fitzpatrick, said in an interview. “With millions of hotels and short-term rental providers, we’re only at a fraction of the penetrable opportunity.”
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