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Mews Raises $110 Million at $1.2 Billion Valuation: Lodge Tech Play

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Mews, a startup promoting lodge administration software program, earned unicorn standing with its newest $110 million funding. The funding spherical positioned a $1.2 billion worth on the startup.

Mews has raised $110 million at a $1.2 billion valuation, the lodge tech startup mentioned Monday.

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Kinnevik, Europe’s largest publicly listed startup investor, led the spherical. Present traders Revaia, Goldman Sachs Asset Administration, and Notion Capital additionally participated. LGVP turned a brand new investor. 

“We’re extremely so bullish about how, within the age of AI, hospitality can develop into one of many greatest industries on the planet, and the way expertise can be utilized to make each lodge extra worthwhile, each visitor happier, and produce again the delight with which one would name themselves a hotelier,” mentioned Mews founder Richard Valtr in a LinkedIn submit.

Mews sells cloud-based software program utilized by “5,000 hospitality manufacturers in 85 international locations.”

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It mentioned it lately hit $100 million in annualized internet income and that it processed $8 billion in gross transactions on behalf of accommodations final 12 months.

The corporate faces rivals on all sides, together with the sector chief Oracle Hospitality and different gamers, resembling Apaleo, Cloudbeds, and Agilysys. Some public firms, resembling Amadeus, have related or overlapping merchandise.

Mews raised $185 million in late 2022. Each rounds have been closed regardless of a broad wrestle for venture-backed startups of all types to obtain follow-on rounds due to dislocations created by a latest spike in rates of interest.

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Buyers consider lodge software program has hit a pivotal level as hoteliers change from on-premise merchandise to cloud-based instruments meant to work together with different software program and supply extra dynamic promoting alternatives for upsells and ancillaries. Former heavy gross sales and set up cycles with giant up-front funds are being changed by software program that’s comparatively light-weight to put in and billed primarily on a month-to-month foundation.

Within the quick time frame since our preliminary funding, Mews has outperformed our expectations because it moved into new geographies and segments,” mentioned Akhil Chainwala, Funding Director at Kinnevik.

For extra context, learn: Why European Investing Large Kinnevik Is Betting on Journey Startups and Why This Hybrid Hospitality Model Ripped Out Its Tech Stack.

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