P101 reports that it has sold its stake in Civitfun, a technology player in online hotel check-in, to HBX Group, a B2B traveltech company listed on the Madrid Stock Exchange.
P101, the company’s lead investor since 2022 through the Programma 102 fund with Italia 500 (the latter managed on behalf of Azimut Libera Impresa), has flanked Civitfun in its corporate and commercial development, as well as in further international growth, leveraging its ten-year track record in traveltech to offer not only financial, but also strategic and operational support. Thanks to the initiatives undertaken and the exploitation of a distinctive technology with a unique capacity for analysing granular data and integrating all players in a particularly complex supply chain, in just three years Civitfun has more than tripled its turnover and has established itself as a technology player in the European traveltech scene. With over 500,000 hotel rooms managed by 2024 (+100% in three years), the company is contributing to the digitisation of the tourism sector through solutions adopted not only by entities such as Booking.com, but also by major European tour operators and industry players.
Civitfun, founded in Majorca by Mariano de Oleza, Germán March and Javier Gómez, will continue its growth path on the strength of its new industrial alliance with HBX Group, a Spanish group aiming to accelerate the deployment of data-driven management models in the hotel sector.
“Spain is our second market after Italy, and is a country of great interest for P101. Not only have we identified high-potential companies here over time, but we have also been able to take advantage of exit opportunities offered by a market that has proved to be dynamic and in which we will continue to invest,’ commented Stefano Guidotti, partner of P101, in a note. We are delighted to have supported Civitfun in these three crucial years for the development of the company, providing it with all the expertise gained by P101 in traveltech, a sector in which we have been operating for 10 years and in which we continue to invest, as recently announced. We are confident that Civitfun will continue to create value within HBX Group. We wish the entire team and the founders all the best for the future”.
“This transaction represents a strategic milestone for Civitfun, allowing us to accelerate growth and broaden our impact in the hospitality technology ecosystem,” says Mariano de Oleza, founder and managing director of Civitfun. “Our partnership with P101 over the past three years has been instrumental in shaping the company: their deep expertise in traveltech and ongoing 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. We are grateful to the P101 team for their trust and commitment and look forward to growing on the solid foundation we have built together as part of HBX Group.”
P101 has made a total of around 20 exits, and the one announced today is the third under the umbrella of the Programme 102 fund, following those involving Fatmap sold to Strava, and Bipi acquired by the Renault Group.
The transaction also represents the fourth exit realised in Spain by P101 after the sales of Bipi, Deporvillage and Forcemanager, compared to seven investments completed so far in the country through various funds, including Programma 103, which recently closed its collection at EUR 250 million, bringing the assets managed by P101 to over EUR 500 million.
With today’s transaction, the number of deals realised in 12 years of activity by P101 rises to around 300. Today, after some 20 exits, P101 has 36 innovative companies in its portfolio, supported not only with capital, but also with operational and strategic support. (photo by Ph B on Unsplash)
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