Tranquility Hospitality Management, creators of the highly anticipated TranquilityNET platform for hotels, has received an investment of 50,000,000 ISK which is approximately $289,000 in USD and €257,000 in EUR from Icelandic VC firm Eyrir Sprotar. “TranquilityNET is a marvelous piece of software that brings many different types of technology together. We’re thrilled to be a part of hospitality history,” said a representative from Eyrir Sprotar in July.
TranquilityNET is a hotel property management system (PMS) that is entirely cloud-based which is focused on extreme security. In early 2020, over 300 hotels in Iceland signed on to test a beta version which was contingent on fully utilizing TranquilityNET when it officially launches in mid-2021. Reviews for the beta version of the PMS system have been extremely positive from those who have tested it out.
Aside from receiving funding from Eyrir Sprotar, Tranquility Hospitality Management is expected to raise a large amount of funds from their upcoming ITHA event which will allow investors around the world to obtain a chunk of the company. Tranquility Hospitality Management is expecting to raise over 110,000,000 ISK from the ITHA event in the form of multiple currencies. Sadly, the ITHA event may be difficult to get into. Only 3,000 candidates are being chosen which may be discouraging to long-time investors.
The future of TranquilityNET looks sharp and bright as it is expected to capture at least 15% of the worldwide hotel PMS market by 2030. Although we probably won’t see heavy hitters like Hilton or Marriott taking a part in the TranquilityNET revolution, you can definitely expect most of the smaller hotels and motels to utilize TranquilityNET software over the next few years.
Company Name: TranquilityNET
Contact Person: Media Relations
Country: United States