Mews Raises $110m to Accelerate Cloud Technology in Hospitality
Mews announces $1.2bn valuation as it further expedites global expansion, product growth and its acquisition strategy
AMSTERDAM, March 5, 2024 /PRNewswire/ -- Mews, the industry-leading hospitality cloud, has announced today that it is raising fresh funding of $110m. The round is led by existing investor Kinnevik, alongside Revaia, Goldman Sachs Alternatives, Notion Capital and new investor LGVP. The new funding values the company at $1.2bn.
The funding follows a year of significant growth. In the last year, Mews has achieved:
- Over 60% increase in revenue year-on-year, crossing $100m in annualized net revenue
- A significant increase in Gross Payment Volume to over $8bn
- Over 16 million annual check-ins at hotels worldwide
- Over 1,000 integrations with hospitality's best technology in its marketplace
- Three new acquisitions (Frontdesk Anywhere, Hotello and Nomi), taking the total number of hospitality companies acquired by Mews to eight
The latest investment bolsters the financial standing of Mews as it sets itself up for major growth. The funding will see Mews prioritize its global expansion, research and development, and acquisitions, enabling the world's most innovative hospitality organizations to accelerate their digital transformation.
Richard Valtr, an ex-hotelier, founded Mews in 2012 when building a hotel in Prague, Czech Republic. Having spent the summer holidays as a night receptionist, Valtr realized that the hospitality industry is built on legacy, on-premise technology. Mews aims to revolutionize hotel operations with its cloud-based system that integrates with thousands of other tech solutions. Today, over 350,000 hospitality spaces are managed via Mews across 5,000 customers worldwide, including Strawberry Hotels, The Social Hub and Airelles.
Richard Valtr, Mews Founder, commented, "We're seeing a fundamental shift in the way the world's leading hospitality brands are accelerating their digital transformation and reshaping the way they deliver hospitality. With this raise we will continue to build industry-leading products with a world-class team behind us. In five years, the way that hospitality brands and guests interact with each other will be completely different, with Mews leading the way."
Matt Welle, CEO of Mews, added, "This funding is a credit to the strength of our vision, the Mews team, our forward-thinking customers and committed investors who have helped us get to where we are today. As more hoteliers embrace modern technology, we have a huge opportunity to help them streamline their operations, build more profitable businesses and deliver personalized guest experiences. Mews is in a unique position to truly transform the industry."
Akhil Chainwala, Investment Director at Kinnevik, commented, "Matt and Richard are building a product and a team that is redefining the hospitality industry. In the short period of time since our initial investment, Mews has outperformed our expectations as it moved into new geographies and segments. Now, we are excited to further back the team to help them realize their ambitions and accelerate even more quickly – especially to extend the platform's combination of software and payments. We're looking forward to continuing this journey with Mews and being a part of the transformation that is happening across the industry."
Alexander Lippert, Managing Director in Growth Equity at Goldman Sachs Asset Management , added, "Mews is making a transformative impact to support some of the most innovative hospitality brands around the world as cloud adoption accelerates across the $15.5 trillion global travel and tourism industry. With the increased demand for modern technology, Mews and its industry-leading platform is positioned to enable an even wider set of hospitality customers to transform their operations, diversify their revenue and improve the guest experience."
The latest funding is in addition to the company's $185m investment round in December 2022, which was led by Kinnevik and the Growth Equity business within Goldman Sachs Asset Management.
About Mews
Mews is the leading platform for the new era of hospitality. Powering 5,000 customers across more than 85 countries, Mews Hospitality Cloud is designed to streamline operations for modern hoteliers, transform the guest experience and create more profitable businesses. Customers include Accor, Generator-Freehand, The Strawberry Group, The Social Hub and Airelles. Mews was named Best PMS (2024) and listed among the Best Place to Work in Hotel Tech (2021, 2022, 2024) by Hotel Tech Report, as well as World's Best Hotel PMS Provider (2023) and World's Best Independent Hotel PMS Provider (2022, 2023) by World Travel Tech Awards. The company has offices in Europe, the United States and Australia.
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SOURCE Mews
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