Mews Secures $110 Million in New Funding Round
Mews, a leading provider of cloud technology solutions for the hospitality industry, has secured a substantial new funding round of $110 million. This comes on the heels of a previous investment of $185 million in December 2022, led by Kinnevik and Goldman Sachs Asset Management’s Growth Equity business.
The impressive growth of Mews has seen its revenue soar by more than 60% year-on-year, surpassing an annualized net revenue of $100 million. The company’s widely acclaimed Hospitality Cloud platform is currently serving customers in over 85 countries, including industry giants like Accor and Generator-Freehand.
This latest funding round is being led by Kinnevik, and is joined by participants Revaia, Goldman Sachs Alternatives, Notion Capital, and new investor LGVP. The additional funding has resulted in the company’s valuation reaching an impressive $1.2 billion.
Mews’ success can be attributed to its noteworthy achievements, such as facilitating over 16 million annual check-ins at hotels around the globe and experiencing substantial growth in Gross Payment Volume, reaching over $8 billion. Additionally, the company’s marketplace has expanded to include more than 1,000 integrations with leading technology solutions in the hospitality sector.
Looking ahead, Mews aims to continue its growth trajectory through its strategy of global expansion, research and development, and strategic acquisitions. Since its inception in 2012 by Richard Valtr, Mews has become renowned for its cloud-based system, which seamlessly integrates with a wide range of tech solutions. Currently, the platform manages over 350,000 hospitality spaces across its portfolio of 5,000 customers worldwide.
In January, Mews made headlines with the acquisition of Frontdesk Anywhere, marking its third acquisition in North America in less than a year. This strategic move aligns with Mews Ventures’ growth strategy, marking its eighth acquisition overall. As a result, Mews has achieved a significant $185 million Series C funding round, expanded its North American operations, and accelerated the development of AI-driven guest experiences and personalization. The company has also experienced an impressive 115% increase in its customer base and a nearly 60% growth in its North America team.
Mews’ latest funding round is a testament to the company’s remarkable growth and the confidence it has garnered in the hospitality industry. With its innovative cloud-based system and extensive integrations, Mews is well-positioned to continue revolutionizing hotel operations globally.
Analyst comment
Positive
As an analyst, I predict that the market will respond positively to the news of Mews’ substantial new funding round and impressive growth. With increased funding and a valuation of $1.2 billion, Mews is well-equipped to continue its global expansion, research and development efforts, and strategic acquisitions. The company’s innovative cloud-based system and extensive integrations make it a frontrunner in revolutionizing hotel operations worldwide.
