BERLIN, March 5, 2020 /PRNewswire/ -- SuitePad – the leading provider of in-room tablets for the hotel industry – has announced the successful closing of its latest round of funding.
The latest seven-digit round of funding comes from New York-based investment group, Riverside Acceleration Capital (RAC), as well as current investors Target Partners, IBB Beteiligungsgesellschaft, and Howzat Partners. With this fresh investment, SuitePad will further its expansion into the European, Asian, and US markets.
Jonathan Drillings, Partner at Riverside, commented: "We are impressed with the work of the whole SuitePad team and it is very encouraging that so many hotel chains have chosen to roll out their solution. With their momentum, team and impressive technology, there is a real opportunity for SuitePad to transform the hotel guest experience. This made the decision to invest in this category leader an easy one."
Berthold von Freyberg, Partner at Target Partners, added: "SuitePad has successfully driven the development of the company and its products from the original concept of a digital guest directory to a modern hotel room operating system with key functionalities such as centralized room control, hotel room telephone and TV solutions. We are proud to be part of this journey."
Moritz von Petersdorff-Campen, Co-Founder and CEO at SuitePad, said: "We are excited to have won the trust of Riverside and our existing investors to take our business further. This latest round of funding will accelerate our growth in the hotel industry across the globe. To enhance our position as the market leader for in-room technologies, we will also be investing heavily in the expansion of our software platform."
SuitePad is Europe's leading provider of digital guest communication systems for the hotel industry. The Berlin-based company was founded in 2012 and has a team of over 60 employees. In January 2020, SuitePad was named HotelTechReport's best guest room tablet and best place to work in hotel tech.
SuitePads are tablets that are specifically designed for the hotel room. They provide a centralized service that brings digital communication between hoteliers and their guests to a whole new level. Apart from providing general information about the hotel, its services, and the surrounding area, SuitePads also serve as central booking tools for services such as hotel restaurants, shops, and spas, and each one is integrated with an in-room telephone and TV remote -- helping to effectively declutter the hotel room and provide a modern experience for guests.
SuitePad serves 1000 hotels across 30 countries, amounting to over 60,000 hotel rooms worldwide. In addition to the in-room tablets, SuitePad also provides a bring-your-own-device (BYOD) solution.
About Riverside Acceleration Capital
Riverside Acceleration Capital (RAC) provides flexible growth capital to expansion-stage B2B software and technology companies, through an investment structure that maximizes alignment while minimizing dilution. RAC is part of The Riverside Company, a global private equity firm focused on investing in growing businesses valued at up to $400 million. Since its founding in 1988, Riverside has made more than 650 investments. The firm's international private equity and structured capital portfolios include more than 90 companies. For more information, visit https://www.riverside.ac.
About Target Partners
With EUR 300 million under management, Target Partners is one of the leading early-stage venture capital firms in Germany. Target Partners invests in seed and early-stage technology companies and supports them with venture capital during their build-out and expansion phases. With many years of experience as managers, entrepreneurs and venture capital investors, the team at Target Partners supports entrepreneurs in developing and marketing products and services, building organizations, raising money and taking companies public in Europe and the United States. For more details: targetpartners.de.