Folio, a financial operations platform tailored for the hospitality industry, has raised $14m in a Series A funding round to encourage the profitability of hotels and quickly deliver implementations.
The round was led by Thrive Capital and Construct Capital, with additional support from Redseed VC and SciFi VC.
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Folio’s procure-to-pay platform improves hotel profitability through various features such as a managed marketplace, AI-driven invoice processing and streamlined payment solutions.
Folio CEO and co-founder Kate Adamson said: “At Folio, we’re financial technologists who love hotels. Our mission is to help hospitality thrive financially. By bringing properties, suppliers, and financial systems together in one place, hotel managers can more easily optimise spend.”
Debuting at the HITEC 2024 tech conference, the company has seen rapid expansion and has secured contracts with prominent hotel management businesses. Folio is now facilitating the purchasing process for hundreds of hotels.
HHM Hotels stands out among these companies, managing more than 39,000 hotel rooms and generating approximately $2bn in revenue across the US and Canada. It adopts new technology that yields savings and advantages for hotel owners.
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By GlobalDataHHM Hotels’ chief investment officer Shawn Tuli said: “Any new technology must deliver clear ROI, and Folio does just that.
“Beyond streamlining workflows and boosting productivity by bringing AI to Procure-to-Pay processes, Folio accelerates time-to-value through its seamless implementations. We’ve quickly seen more efficiencies and alignment for our operating teams.”
Folio’s AI-powered workflows enable quick implementations and save time and money for teams.
