In a significant development for the hospitality industry, Amsterdam-based startup Mews has successfully raised $110 million in a growth round led by Kinnevik. This funding places the company's valuation at an impressive $1.2 billion post-money, marking a notable achievement for the burgeoning hotel SaaS sector.
Tourism is experiencing a resurgence post-COVID-19, with global revenue hitting $2.23 trillion in 2023, surpassing pre-pandemic levels for the first time since 2020. This resurgence has led to increased demand for innovative solutions within the hospitality sector, providing an ideal environment for startups like Mews to thrive.
Mews offers a suite of SaaS tools designed to streamline hotel operations, catering to both hoteliers and guests alike. With a focus on front-desk management, payments, reservations, and housekeeping, the company has witnessed significant growth, boasting a gross payment volume of $8 billion. Moreover, Mews has expanded its customer base to over 5,000 hotels, including partnerships with major chains like Accor and Generator-Freehand.
To further fuel its expansion, Mews has strategically acquired eight other startups in the hotel IT space, emphasizing its commitment to innovation and scale. While the company initially considered diversifying its offerings to include residential and commercial properties, its current focus remains on servicing the hotel sector.
The latest funding round, which attracted investment from notable firms like Revaia and Goldman Sachs Alternatives, underscores investor confidence in Mews' ability to revolutionize the hospitality industry. With cloud adoption on the rise and a growing demand for modern technology solutions, Mews is well-positioned to drive innovation and efficiency within the $15.5 trillion global travel and tourism market.
CEO Matt Welle expressed optimism about the company's future, emphasizing the opportunity to help hoteliers streamline their operations through advanced technology. This focused approach aligns with investor preferences for firm bets and substantial returns in an increasingly competitive landscape.
As Mews continues to solidify its position as a leader in hotel SaaS solutions, its latest funding round signals a new chapter of growth and innovation. With a clear vision, strategic acquisitions, and strong investor support, Mews is poised to reshape the hospitality industry and drive value for stakeholders across the globe.
Source: Tech Crunch