Mews, the Hotel SaaS startup, has secured a growth round of $110 million. This funding, led by Kinnevik, brings the company’s post-money valuation to $1.2 billion—an increase from the end of 2022 when Mews raised $185 million on an $865 million valuation.

The Startup, which targets the flourishing tourism sector recession post the Covid-19, offers tools to help hotels manage IT effectively, including front-desk check-in, payments, reservations, and housekeeping management systems. Its features also cater to guests, enabling room and service booking.

The financials of the company remain undisclosed, although it has been noted that the gross payment volume has surged from $2.3 billion at the end of 2022 to $8 billion currently. The company’s customer base has also expanded. From 3,253 hotels a year ago, Mews now boasts over 5,000 hotel customers which include established chains like Accor, Generator Freehand, The Strawberry Group, The Social Hub, and Airelles.

To march towards profitability, Mews is banking on economies of scale. It has acquired eight startups in the hotel IT space, including Frontdesk Anywhere, Hotello, and Nomi in the past year. Mews founder and president Richard Valtr hinted at broadening the scope of the company beyond hotels to leverage the Airbnb effect, though its current focus remains chiefly on the hotel sector.

Matt Welle, CEO of Mews, believes the company has a major opportunity to streamline operations for more hoteliers as they embrace modern technology: a move that investors also seem to appreciate, supporting more firm bets on companies.

This Series D funding round saw participation from Revaia, Goldman Sachs Alternities, Notion Capital, and new investor LGVP, in addition to Kinnevik. Mews is deemed as making a transformative impact in supporting some of the world’s most innovative hospitality brands as cloud adoption accelerates across the global travel and tourism industry, valued at $15.5 trillion.

Source: TechCrunch.