The tourism industry has made a remarkable recovery from the COVID-19 pandemic, with global revenues exceeding pre-pandemic levels for the first time since 2020. The sector’s resurgence is having a significant impact on startups building technology to serve the hospitality and travel industries.
Mews: A Key Player in Hotel Management
One such startup is Mews, a company that provides software-as-a-service (SaaS) tools to help hotels manage their IT operations more efficiently. Recently, Mews announced a growth round of $110 million, led by Kinnevik, valuing the company at $1.2 billion post-money.
A Slight Up-Round on Previous Valuation
The funding is a slight up-round from Mews’ Series C valuation of $865 million in December 2022. The company has confirmed that it is not profitable yet but has been growing steadily. Its SaaS tools cover both hotel-specific tasks, such as front-desk check-in, payments, reservations, and housekeeping management, as well as guest-centric services like room and service booking.
Rapid Growth and Expansion
Mews has experienced significant growth in recent years, with its gross payment volume (GPV) now standing at $8 billion, up from $2.3 billion in 2022. The company has also expanded its customer base, with over 5,000 hotels on board, compared to 3,253 a year ago.
Key Deals with Big-Name Chains
Mews has not only made inroads with independent hoteliers but has also secured key deals with larger chains like Accor, Generator-Freehand, The Strawberry Group, The Social Hub, and Airelles. This expansion into the mainstream hospitality market is a testament to Mews’ growing influence.
Acquisitions: A Key Strategy
To further drive growth and achieve profitability, Mews has been actively acquiring other startups in the hotel IT space. In the last year alone, the company has acquired three companies: Frontdesk Anywhere, Hotello, and Nomi. This strategic move is expected to help Mews reach a wider customer base and consolidate its position as a leading player in the market.
Ambitions Beyond Hotels
Back in 2022, Mews’ founder and president, Richard Valtr, spoke about the company’s plans to expand beyond hotels and into other sectors. He mentioned the potential for Mews to cater to serviced apartments, hostels, Airbnb-style properties, and even mixed-use real estate.
A Shift in Focus
However, it appears that Mews has shifted its focus back to the hotel industry, with a greater emphasis on serving larger chains. This strategic pivot is likely driven by the company’s desire to scale more efficiently and achieve profitability sooner rather than later.
Conclusion
Mews’ $110 million growth round is a significant milestone for the company, demonstrating its ability to attract investment and drive growth in the competitive hospitality technology market. As the tourism industry continues to rebound, Mews is well-positioned to capitalize on this trend and solidify its position as a leading player in hotel management software.
Related News
- Tourism Industry Sees Record-Breaking Revenues: Global tourism revenues have exceeded pre-pandemic levels for the first time since 2020, driven by increasing travel demand and relaxation of COVID-19 restrictions.
- Hotel Technology Market Set to Grow: The hotel technology market is expected to expand rapidly in the coming years, driven by increasing adoption of digital solutions and growing demand from hoteliers for efficient management tools.
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