Mews Secures $100 Million for Hotel Tech Expansion
Amsterdam, Thursday, 26 September 2024.
Amsterdam-based Mews raises $100 million to fuel growth in hotel software market. The company, valued at $1.2 billion, aims to accelerate acquisitions and enhance its position in the rapidly evolving hospitality tech sector. Mews now serves 5,000 properties and processed $8 billion in payments in 2024.
A Strategic Move for Growth
The $100 million funding secured by Mews from Vista Credit Partners marks a significant milestone in the company’s growth journey. This substantial injection of capital will be strategically deployed to fast-track Mews’ expansion through mergers and acquisitions (M&A). Richard Valtr, the founder of Mews, emphasized the ripe conditions for market consolidation, with the company having already completed nine acquisitions to date. Vista Credit Partners, a subsidiary of Vista Equity Partners, specializes in enterprise software, data, and technology markets, making them a fitting partner for Mews’ ambitious plans.
How Mews’ Technology Benefits the Hospitality Industry
Mews provides a cloud-based property management system (PMS) designed to streamline and automate operations for hoteliers. The platform covers everything from booking to check-out, significantly reducing the administrative burden on hotel staff. This allows staff to focus more on guest experiences rather than being tied to their screens. The system’s AI-driven smart search and next-generation Mews Kiosk solution have already helped hotels cut check-in times by a third, enhancing operational efficiency and guest satisfaction.
Financial Milestones and Market Impact
In addition to the recent funding, Mews has achieved several noteworthy financial milestones. Earlier this year, the company raised $110 million, reaching a valuation of $1.2 billion and earning unicorn status. Their client base has expanded to over 5,500 properties across 85 countries, with notable clients such as Generator-Freehand and The Social Hub. In 2024, Mews processed over $8 billion in gross transactions, reflecting a 54% year-over-year increase. This growth underscores the company’s robust market position and the increasing demand for its innovative solutions.
Consolidation and Future Prospects
The hospitality industry’s ongoing digitization presents a fertile ground for Mews’ growth strategy. The company’s corporate development arm, Mews Ventures, will leverage the new funds to continue its acquisition spree, thereby enhancing its technological capabilities and expanding its market footprint. With the backing of Vista Credit Partners, Mews is well-positioned to capitalize on the accelerating adoption of cloud technology in the $15.5 trillion global travel and tourism industry. CEO Matt Welle highlighted the enormous potential to support revolutionary hospitality brands in their digital transformation journeys.