February 8 (SeeNews) - Croatian software developer Infinum said it became a shareholder in travel-tech company Rentlio via its investment arm Infinum Ventures.
“The company’s portfolio boasts more than 8,000 accommodation units in over 40 countries, a team of more than 20 tourism technology experts, and an average annual growth rate of 77%,” Infinum said in a statement on its website on Monday, without elaborating on the value of the investment or the size of the stake it acquired.
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“We consider our cooperation with Rentilo primarily as a partnership. We knew that Renitlo, as a stable company and market leader in terms of digitalisation in tourism, would not cooperate with just any partner and we are happy that we have teamed up,” Bojan Bajic, head of marketing at Infinum, said in an emailed statement to SeeNews late on Monday.
Rentilo reported a revenue of 4.3 million kuna ($652,000/572,000 euro) in 2021, up 26% on the year, according to its website. The company has 21 employees.
Rentlio is a software as a service company set up in 2015 in Zadar. It provides a reservation management system for the hospitality industry. Its solution for operating hotels and vacation rentals centralises and automates the management of reservations, sales channels, and guests.
"The accommodation services segment of the hospitality industry is lagging far behind the digital age. It’s suffocating in outdated systems, while the modern guest expects a flawless, instant, and digital experience" Marko Misulic, CEO and founder of Rentlio, said in a statement on Infinum's website.
Rentilo plans to expand in Italy, Portugal, Spain, and Vietnam, where it already has a significant user base.
“We are primarily focused on growth and development of the companies that we have launched: Infinum, Productive i Porsche Digital Croatia. Of course, we are always looking for companies and talented founders, which we could cooperate with,” Bajic said in response to a question whether the company is planning more acquisitions this year.
According to a report by news portal PoslovniPuls, Infinum's revenue in 2020 rose 38% to 80 million kuna.
(1 euro=7.521 kuna)