Italian venture capital italiano P101 sold Civitfun Hospitality, a Spanish scaleup software publisher for online hotels check-in that acquired in March 2022 through Programma 102 (see here a previous post by BeBeez) to Madrid-listed traveltech HBX Group which aims to accelerate the deployment of data-driven management models in the hotel sector (press release of P101 and HBX).
Mariano de Oleza, Germán March and Javier Gómez founded Majorca-based Civitfun which in 2022, also attracted the resources of Italia 500, a vehicle that P101 manages on behalf of Azimut Libera Impresa.
The investors provided Civitfun with financial, strategic and operational support and helped the company for its international growth leveraging on their ten-year track record in traveltech. In just three years the firm’s turnover more than tripled its turnover and established itself as a technology player in the European traveltech scene.
In 2024, Civitfun managed more than 0.5 million hotel rooms (+100% in three years) while developing solution for Booking.com and other European tourism players.
Civitfun ceo and co-founder de Oleza said: “This transaction represents a strategic milestone for Civitfun, allowing us to accelerate growth and expand our impact in the hospitality technology ecosystem. Our partnership with P101 over the past three years has been instrumental in shaping the company: their deep expertise in traveltech and constant support have been essential in our development journey. As we begin this new chapter within HBX Group, we remain focused on delivering innovation and value to our partners and customers around the world.”
Stefano Guidotti, a partner of P101, added: “Spain is our second market after Italy and is a country of great interest for P101. We identified high-potential companies here over time and we took advantage of exit opportunities that such a dynamic market supplies. We will continue to invest in Spain. During the three-years partnership with Civitfun, P101 shared with the company all the skills it developed in traveltech, a sector in which we have been operating for 10 years and in which we continue to invest”.
P101 carried on less than 20 exits. Programma 102 previously sold Fatmap to California’s Unicorn Strava), Deporvillage to UK JD Sports Fashion and Bipi to French Renault.
P101 also sold Spain’s Force Manager to Sage (press release). The fund closed 7 investments in the country through different vehicles, including Programma 103 which recently raised 250 million euros. P101 has aums worth more than 500 million (see here a previous post by BeBeez). BeBeez Private Data, the private capital database of BeBeez and FSI, monitors P101 and its Italian portfolio companies. Find out here how to subscribe for one month or one year or Click here for booking a demo videocall with BeBeez database manager
