Travel and tourism, two of the hardest-hit industries in the Covid-19 pandemic, are slowly starting to show some signs of recovery. Now, OTA Insight — a company that builds business intelligence tools for one of the key sectors in that space, hotels — is announcing a round of funding as it too picks up more business on the upswing.
The company has raised $80 million, a Series B led by Spectrum Equity, with previous backers Eight Roads, F-Prime Capital and Highgate Technology Ventures also participating. OTA Insight is not disclosing its valuation, but for some idea of its size and operation, it’s used today by some 55,000 properties; and it has been profitable for years already, including through the pandemic. Founded in 2015, prior to this, OTA Insight had only raised $20 million.
The plan will be to now use this injection of cash to drive more business in what is still a very untapped market, said CEO Sean Fitzpatrick.
“One of the unique…