Raised additional $975k on top of $2M
Pinktada just announced the closing of an additional investment of $975,000, led by Selenean Capital, a venture fund headquartered in Ireland, to support its rapid expansion with the contracting of hotels which include new hotel properties and key leisure destinations.
This is on top of the raised $2M from their current backers, True Global Ventures 4 Plus and several other members of the new york angels investment group.
“Selenean Capital’s approach to partnership is identifying real world future needs… Pinktada encapsulates this perfectly with a transformational approach to the hotel booking model built around a brilliant team.”Managing Partner of Selenean Capital, Warren Macken
Only launched in Q2 2022, Pinktada enables travellers to book a specific room, swap or sell their reservations in an online marketplace if their plan changes.
In doing so, hotel partners enjoy guaranteed prepaid sales, and additional revenue from upgrades and upsell features. Furthermore, Hotels may still make money even when they are completely booked via secondary transactions to obtain a profit.
To date, the 20% and 40% growth in August and September 2022 was a result of the increased supply of hotels on Pinktada.
“We launched in May with properties in Hawaii and the Dominican Republic, have since added exquisite hotels in Mexico, New York, Miami and San Francisco, and have another 18 in the process of being on-boarded. More important though is the calibre of our partners, which are leading hotel industry names.”Chief Hospitality Officer, Mark J. Gordon
What is Pinktada and how do they work?
Pinktada is in the hotel business and aims to bring the power of tokenization to the travel markets. Just like other travel websites you know of, Pinktada functions the same but is built on blockchain technology.
They replace the outdated model of how hotel books work with a token marketplace, where room-night tokens (RNT) can be purchased or sold at any time.
They aim to tackle the issue of hotels being stuck with empty rooms or travellers not being able to fulfil their room reservations. With hundreds of millions of people travelling each day, and now more than ever, plans are apt to change.
Instead of booking a reservation for a class of room, a traveller can purchase tickets, or RNTs, for a specific room for a specific set of nights.
Just like tickets, these RNTs can be redeemed for specific nights in specific rooms at the hotel, or they can be transferred, sold or swapped.
Once a hotel sells an RNT, it’s sold. The hotel’s revenue is guaranteed, regardless of how many times the RNT for a particular room and night changes hands.
When a traveller needs to change a reservation, they can sell it back to the market or swap it for any other RNTs. Travellers get access to discount prices without the risk of forfeiting their reservation if plans change.
Find out more on their FAQs here or the video from Pinktada’s Chief Marketing Officer below.
[Editor’s Note: This article does not represent financial advice. Please do your own research before investing.]
Featured Image Credit: Chain Debrief