04 March 2024 – Amsterdam-based hotel SaaS startup Mews has successfully raised $110 million in a growth round led by Kinnevik, valuing the company at $1.2 billion post-money. This funding round comes as the global tourism industry rebounds from the impact of COVID-19, with 2023 recording $2.23 trillion in revenue globally, surpassing pre-pandemic levels for the first time since 2020.
About Mews Funding:
Founded in Amsterdam, Mews is a SaaS startup offering a suite of tools designed to streamline hotel operations. Its solutions cover a range of services for both hoteliers and guests, including front-desk check-in, payments, reservations, and housekeeping management. The company, not yet profitable, has been growing its presence and user base, with a focus on economies of scale.
The $110 million growth round, led by Kinnevik, marks a valuation of $1.2 billion post-money for Mews. This comes as a slight up-round from its previous Series C in 2022 when the company raised $185 million at an $865 million valuation. Mews reports significant growth metrics, with gross payment volume reaching $8 billion, up from $2.3 billion at the end of 2022. The company now boasts over 5,000 hotel customers, a notable increase from the 3,253 hotels it served a year ago.
Mews has strategically acquired eight other startups in the hotel IT space, with three acquisitions in the past year alone, including Frontdesk Anywhere, Hotello, and Nomi. While initial plans in 2022 hinted at broadening its customer base beyond hotels, the current focus appears to be on strengthening its position within the hotel sector, catering to both independent establishments and larger chains.
Conclusion:
Mews’ latest funding round and growing market presence underscore the resilience and adaptability of startups in the evolving landscape of the tourism industry. The company’s ability to navigate challenges and capitalize on opportunities within the hospitality sector showcases the dynamic nature of the startup ecosystem. As Mews continues to innovate and expand its footprint, its success serves as a testament to the enduring demand for technology-driven solutions in the post-pandemic era. The strategic funding and focus on hotel-centric tools position Mews for further growth and influence in the global travel and tourism industry.
