Mews, a leading provider of cloud technology solutions for the hospitality industry, has announced a new funding round of $110 million. This round is led by Kinnevik, with participation from Revaia, Goldman Sachs Alternatives, Notion Capital, and new investor LGVP, bringing the company’s valuation to $1.2 billion.
The large funding round is a testament to Mews’ growth, including a more than 60% increase in revenue year-on-year, surpassing $100 million in annualized net revenue. Additionally, the company has reportedly seen a considerable rise in Gross Payment Volume, reaching over $8 billion, and has facilitated over 16 million annual check-ins at hotels worldwide. Mews has also expanded its marketplace to include over 1,000 integrations with leading technology solutions in hospitality.
The company’s growth strategy includes global expansion, research and development, and further acquisitions. Mews aims to empower innovative hospitality organizations to expedite their digital transformation. Founded in 2012 by Richard Valtr, a former hotelier, Mews seeks to revolutionize hotel operations through its cloud-based system that integrates with a wide array of tech solutions. Currently, Mews manages over 350,000 hospitality spaces across 5,000 customers globally, including notable names like Strawberry Hotels, The Social Hub, and Airelles.
In a company press statement, Valtr highlighted the industry’s shift towards digital transformation and Mews’ role in reshaping hospitality interactions. CEO Matt Welle emphasized the opportunity to assist hoteliers in streamlining operations and enhancing guest experiences through modern technology.
This latest funding round follows a $185 million investment in December 2022, led by Kinnevik and Goldman Sachs Asset Management’s Growth Equity business. Mews’ Hospitality Cloud serves customers in over 85 countries, including Accor and Generator-Freehand, with offices in Europe, the United States, and Australia.
In January, Mews announced the acquisition of Frontdesk Anywhere, marking its third acquisition in North America in less than a year. Frontdesk Anywhere, known for its cloud-based property management system, aligns with Mews’ mission to automate operations for hoteliers. This acquisition follows a successful year for Mews, with the company surpassing 5,000 customers worldwide and processing over $5 billion through Mews Payments. This acquisition is part of Mews Ventures’ strategy, marking its eighth acquisition, including HotelPerfect, Cenium, Bizzon, Hotello, and Nomi.
Mews has achieved a number of impressive milestones in the past year, including a $185 million Series C funding round, expanding its North American operations, and accelerating AI guest experiences and personalization. The company has seen a 115% increase in customers across more than 85 countries and a nearly 60% growth in its North America team.
