Financial management at hotels undergoes a transformation, secured by a $14M Series A investment in Folio.
Folio, a groundbreaking financial operations platform tailored for the hospitality industry, has recently secured a $14 million Series A investment. The investment was led by Thrive Capital and Construct Capital, with participation from Redseed VC and SciFi VC.
The founding team at Folio boasts decades of experience in financial technology, e-commerce, hospitality, and applied AI. Folio's innovation lies in its AI-powered procure-to-pay financial operations platform, designed specifically for the hospitality industry.
The platform, which made its public debut at the HITEC 2024 industry technology conference, where it won the E20X Judge's Choice Award for top new startup, includes three key components: Folio Buy, Folio Bills, and Folio Pay.
- Folio Buy is a managed marketplace that optimizes purchasing processes.
- Folio Bills is an AI-powered invoice processing system that automates and simplifies invoice handling.
- Folio Pay offers streamlined payment solutions to accelerate financial transactions.
These components enable hotels to reduce costs, improve operational efficiency, and enhance spend optimization through AI-driven automation and data consolidation. The technology is designed for rapid implementation, providing quick time-to-value and measurable ROI by turning fragmented, siloed financial data into intuitive workflows that boost productivity and alignment among hotel operating teams.
Dayna Grayson, Co-Founder and General Partner at Construct Capital, believes that Folio's team knows how to turn messy, siloed data into intuitive workflows that solve real problems for hotels. Shawn Tuli, Chief Investment Officer at HHM Hotels, stated that Folio delivers clear ROI, streamlines workflows, boosts productivity, and accelerates time-to-value through seamless implementations, resulting in more efficiencies and alignment for operating teams.
One of the management companies that Folio has landed major contracts with is HHM Hotels, which manages over 39,000 hotel rooms and $2BN in revenue across the United States and Canada. Since its debut, Folio has rapidly expanded, demonstrating its potential to revolutionize the hospitality industry.
Kate Adamson, CEO and Co-Founder of Folio, stated that the company's mission is to help hospitality thrive financially. Daniel Benjamin, Principal at Redseed VC, thinks that Folio delivers long-overdue innovation that is efficient, transparent, and built for operators, as the hospitality industry needs smarter tools due to rising costs and mounting pressure on margins.
With this investment, Folio aims to further power profitability at hotels and deliver faster implementations. The company's innovative approach to financial operations in the hospitality industry is poised to make a significant impact, offering a brighter future for businesses in this sector.
The investment secured by Folio, a financial operations platform specifically designed for the hospitality industry, will be used to further power profitability at hotels and deliver faster implementations. With its innovative technology, including Folio Buy, Folio Bills, and Folio Pay, Folio aims to revolutionize the hospitality industry by offering solutions for business operations, procurement, and payments, bringing efficiency, transparency, and smarter tools to an industry in need.
