Mews closes $110m funding round to accelerate cloud technology

Mews closes $110m funding round to accelerate cloud technology

Firm now valued at $1.2bn

Mews, the industry-leading hospitality cloud, has announced today that it has closed a new round of funding totalling $110 millon.

The round was led by existing investor Kinnevik, alongside Revaia, Goldman Sachs Alternatives, Notion Capital and new investor LGVP.

The new funding values the company at $1.2 billion. It follows a year of significant growth in the last year including over 60% increase in revenue year-on-year, crossing $100m in annualised net revenue and over 1,000 integrations with hospitality’s best technology in its marketplace.

The latest investment bolsters the financial standing of Mews as it sets itself up for major growth. The funding will be used for its global expansion, research and development, as well as acquisitions.

The firm has already acquired three new firms in the last year, taking its acquisitions total to eight,

“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,” said Richard Valtr, founder of Mews.

“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 personalised guest experiences. Mews is in a unique position to truly transform the industry.”

Akhil Chainwala, investment director of Kinnevik, said: “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 realise 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 of Goldman Sachs Alternatives, 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.