P3 founder and CEO Phelim Pekaar. Image: P3
This brings the amount raised by the software company over the past year to €1.1m, which will be used to grow its team and expand internationally.
P3, a Dublin-based hotel software company, has received €750,000 in funding to expand into the German and US markets as the hospitality industry recovers from Covid-19 restrictions.
The funding was received from Irish investment manager Business Venture Partners (BVP) as part of the Government’s Employment Investment Incentive, which gives private investors a 40pc tax relief on their investments.
The fresh investment will support P3 as it aims to nearly double its workforce, with 15 new roles across Ireland, Germany and the US. Five of these jobs will be based in the US and two in Germany, while the rest are currently being recruited in Ireland.
P3 received a €350,000 investment from Enterprise Ireland in 2021, and the latest funding brings the total amount bagged by the company over the past year to €1.1m.
“This investment from BVP will take P3 to the next level – we’re delighted to have completed the deal and are now very focused on growth in the US and German markets,” said P3 CEO Phelim Pekaar, who founded the company in 2000.
Pekaar said that the Covid-19 pandemic has taught the global hotel industry the importance of digital transformation in areas such as online reservations, check-in and check-out, and payments.
“One of the biggest learnings for the hotel sector from the past two years has been recognition of the need to change and innovate, to embrace technology and use it to your advantage,” he added.
“Lots of hotels which previously did not give enough consideration to this are now analysing their IT infrastructure and are changing their older reservation systems to newer platforms.
“They want to realise the benefits that technology offers and are now looking for software solutions which allow them to enhance the guest experience and drive revenue growth. This shift is providing tremendous opportunities for companies such as P3.”
P3 has seen strong growth in recent years for its product and services, which include custom booking engines and online check-in and check-out tools. The company said growth has been driven by international deals and its partnership with Oracle Hospitality, which provides software for hotel reservation systems.
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