Splitty is an Israel-based hotel booking platform that seeks to offer customers take advantage of “unique hotel prices” by splitting and combining several bookings into a single reservation. The Splitty platform analyzes and splits more than 1.5 million transactions to provide consumers with exclusive deals in one second. The company was founded in 2015 and has provides services for over 500,000 properties across 127 countries.
The hotel booking startup announced that it secured $6.75 million in its Series A financing round, which was led by Fosun RZ Capital, the venture capital arm of Fosun International. Other notable participants include 2bAngels, Techstars Ventures, Cockpit Innovation, and 11-11 Ventures. Splitty’s current operations are mainly focused on Europe and United States. However, the company announced that it plans to utilize the gross proceeds of the Series A round to help expand into Asia, particularly China. “Splitty differentiates itself from traditional OTA through this transaction model”, details Eran Shust, Splitty’s CEO. “It’s a win-win situation – we could improve the occupancy rate of hotels by over 15%, while users enjoying lower prices up to 50%. Fosun RZ Capital is the perfect partner for us to bolster our business globally.”
Splitty Press Release:
BEIJING, April 15, 2019 /PRNewswire/ — Hotel booking platform Splitty announced that it has raised $6.75 million in a series A round of funding led by Fosun RZ Capital, the VC investment arm of Fosun International. 2bAngels, Techstars Ventures, Cockpit Innovation and 11-11 ventures also participated, enabling Splitty to expand its team and accelerate its global market growth in the coming years.
Splitty, an Israeli-based startup, offers unique hotel prices, by taking advantage of splitting and combining multiple bookings under one reservation. Splitty analyzes and splits over 1.5 million transactions to create the exclusive deals in one second. They provide their services for more than 500,000 properties in 127 countries. Founded in 2015, Splitty has been focusing on developing its technology and was launched in the market in 2018. In 2017, they won the Start-up Award at the Eye for Travel San Francisco.
Fosun RZ Capital launched its Israel office in 2018 and is already represented in five other countries with global teams. Chairman of the lead investor Jin Hualong commented, “Our investment strategy in Israel will be more focused on high-end technology, which aligns strategically with what we have in the China market”. Splitty will be a landmark in Fosun RZ Capital’s travel tech distribution. With its ‘Split & Match’ technology, Splitty has driven the innovation of the traditional OTA model and provided the best solution for both users and hotels. Fosun has been centered around its worldwide family customers and created an ecosystem of ‘Health, Happiness and Wealth’. Splitty will play a connecting role between Fosun and other platforms in the tourism industry, while diversifying traveling options for family customers as part of Fosun’s ‘Happiness’ ecosystem.
“Splitty differentiates itself from traditional OTA through this transaction model”, says Eran Shust, Splitty’s CEO. “It’s a win-win situation – we could improve the occupancy rate of hotels by over 15%, while users enjoying lower prices up to 50%. Fosun RZ Capital is the perfect partner for us to bolster our business globally”.
Currently, Splitty provides room booking options mainly in Europe and America. Since China has become the largest consuming market in the international tourism industry, the company is planning to expand its business in the Asian market right after the completion of this round of financing.