With a $13 million Series A round in hand, Thynk seems to be well on its way to building the definitive enterprise software solution for the hospitality industry. The startup was founded by tech entrepreneurs who have experience in the hotel industry and know what customers want. Implementing Thynk’s platform will give hotels some badly needed efficiency and modernization upgrades, while also giving employees more freedom and flexibility.
The round was led by Singular, with a New-York based fund managed by Itai Tsiddon and Belgian investment firm CNP (Groupe Frère) also participating. Fly Ventures, an existing shareholder in the startup, invested once again. This latest investment gives the company a valuation of $150 million dollars.
Small businesses are the foundation of America’s economy, and entrepreneurs have found success catering to this segment with software-as-a-service (SaaS) companies. Amenitiz, a company that specializes in providing software to independent hotels and bed & breakfasts, is one such provider. By targeting this group specifically, Amenitiz has been able to develop unique tools and services that empower small businesses.
Thynk is excellent for hospitality companies who operate multiple properties. It allows them to optimize their processes and create a centralized overview of all their data. This information can then be used to make better decisions and improve efficiency overall.
Petit is one of the co-founders of a company called Wealthfront. Wealthfront is a wealth management firm that was founded in 2011 and currently has over $500 million in annual recurring revenue. Petit says that when he was thinking about starting a company again, he wanted to find a company that could reach this level of success.
There are a few promising enterprises software companies that could benefit from a solution like Petit’s. One is Veeva, which specializes in enterprise software for the pharmaceutical industry. Another is nCino, which provides enterprise software to financial institutions. Both of these companies provide innovative and cutting-edge solutions that could be valuable to businesses of all sizes.
One of the reasons hoteliers have been neglected in the integrated information systems space is that their end goal is not always aligned with those of most business organizations. Hospitality functions primarily as a revenue-generating enterprise, and so integrating systems that could help streamline operations or automate processes would be beneficial.
Often, the receptionist is busy typing in numbers into a computer and does not have much time to chat. However, if you are polite and ask how they are doing, it might be fun to learn more about their life at the hotel. For example, what traditions do they observe when welcoming guests? How do they stay up-to-date on the latest hotel trends?
Although the AIBN facilities are designed to be efficient and profitable, many long-term tenants have criticised the lack of privacy and autonomy afforded to tenants in comparison to traditional apartment complexes. This is likely due to the fact that these systems have been built around one building with a focus on [profit and loss], which can make it difficult for individuals to feel like they’re truly living in their own space.
Many people might be surprised to learn that hotels have changed quite a bit in recent years. In addition to traditional hotel rooms, many hotels now offer glamorous restaurants, sophisticated cocktail bars, stunning conference centers, lively coworking spaces, expert spa treatments and various other paid experiences. This innovative approach not only provides guests with endless opportunities to enjoy their staycation; it also enables businesses of all sizes to attract top talent and showcase their products and services in an impressive setting. So whether you’re looking for a relaxing retreat or an exciting opportunity to Network@Work®, there’s sure to be a perfect hotel for you on the market today!
Following the enterprise playbook
Thynk wants to make it easy for hotels and other businesses to manage their keys and security in a more streamlined way. The startup believes that property management systems will always be there to activate key cards, tell the hotel staff when a room needs to be cleaned and other tasks. Instead, Thynk wants to provide a better experience for hotels by combining technology with human expertise.
The Thynk information system is a powerful tool that can help hotel groups manage their data more efficiently and effectively. By unifying customer data, it becomes easier to track customer histories and understand customer preferences. This can help hotel groups better strategize marketing campaigns and better fill rooms, which could result in more profits for the group as a whole.
A customer’s loyalty is valuable to a hotel, but it can also be a valuable asset in the sales process. By understanding what data points are most important to customers and compiling that information into cohesive reports, the hotel can recommend other hotels in the portfolio as potential options for customers who may be looking for a room. This data-driven approach allows the sales team to more thoroughly identify and assess opportunities while also providing an experience that keeps customers coming back.
Thynk helps hotels keep track of guest information and provides them with new offers, upselling opportunities and questions to improve their stay. Giving customers the best possible service is essential for hotels, and with Thynk they can ensure they are always providing the most relevant information to their guests.
The hotel companies are looking for new ways to streamline their activities in order to increase efficiency. One such tool is Thynk, which makes it possible for hotel groups to manage their customer relations more efficiently and keep track of customer activity more closely. In 2023, the demand for this type of product will continue to increase as the talent shortage continues to be an issue for many hospitality companies.
Thynk is a hotel reservation system that allows guests to book rooms and apartments direct from their phones or computers. The company has already signed contracts with a few hotel groups, such as Postillion in the Netherlands, Groupe Lucien Barrière in France and Design Hotels in Germany. In the United Arab Emirates, Thynk has started working with Rottana, a group with 65 hotels and 15,000 rooms.
In order to fill the gaps in their internal system, the company is using Petit’s team as the foundational building block. This will give them a wide range of experiences and allow them to work on a franchise-wide system.
Thynk is an ambitious project that seeks to fundamentally shape the hospitality industry. By combining its technology with property management systems, Thynk hopes to improve customer experience and streamline operations. While there are still some kinks to be worked out, such as integrating with existing systems seamlessly, Thynk has the potential to revolutionize how hospitality companies operate. If successful, this could force other businesses in the industry to adapt or face extinction.
