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Mews books $185M for its SaaS-based hotel management platform
Summary
Mews, a cloud-based hotel property management platform, has raised $185 million in a Series C round of funding and received a post-money valuation of $865 million. During the peak of the Covid pandemic, the company saw 174% growth in revenues, and now has customers in 70 countries. The money raised will be used to invest in tech, expand globally, and possibly pursue M&A. Investors are backing Mews despite the difficult investment climate in the hospitality industry, due to its open architecture, integrated payment capabilities, and ability to help hotels modernize, improve guest experience, and create efficiencies.
Q&As
What is Mews?
Mews is a cloud-based hotel property management platform with tools covering reservations, payments, and more.
How much money did Mews raise in its Series C round of funding?
Mews raised $185 million in its Series C round of funding.
What services does Mews provide?
Mews provides tools to manage reservations, payments, guest services, analytics, shifts for hotel workers, as well as a marketplace of 600 apps for users to build one-stop dashboards that integrate any number of other apps that a hotel might be using in its operations.
How has Mews fared during the pandemic?
Mews saw revenues grow 174% during the pandemic, with gross payment volume up 227% and now standing at $2.3 billion.
What will Mews use the funding for?
Mews will use the funding for more tech investing and to expand globally, with some optional M&A too.
AI Comments
đź‘Ť It is impressive that Mews was able to secure such a large round of funding during a tumultuous period for the hospitality industry. Their cloud-based hotel property management platform with tools covering reservations, payments, and more will provide much-needed support and help modernize the sector.
đź‘Ž Despite raising $185 million in a Series C round of funding, Mews still faces many challenges in the hospitality industry due to the pandemic. The company must continue to innovate and adapt to the ever-changing market in order to remain successful.
AI Discussion
Me: It's about a hotel management platform called Mews that recently raised $185 million in a Series C round of funding. They're using the money to invest in more tech and expand globally.
Friend: That's great news for Mews! It's impressive that they got funding in such a difficult economic climate.
Me: Yeah, it definitely is. It looks like investors are seeing the potential for the hospitality industry and are willing to back it despite the current challenges. It'll be interesting to see how Mews uses the money to develop their platform and expand their reach.
Action items
- Research other cloud-based hotel property management platforms and compare their features and pricing to Mews.
- Reach out to hoteliers to understand their needs and how Mews can help them modernize and improve the guest experience.
- Explore the Mews marketplace of 600 apps to determine which ones could be integrated into a hotel's operations.
Technical terms
- SaaS (Software as a Service)
- A software delivery model in which software and associated data are centrally hosted on the cloud.
- Post-Money Valuation
- The value of a company after an investment has been made.
- Series C Round
- A type of venture capital financing round that typically follows the Series A and Series B rounds.
- Gross Payment Volume
- The total amount of payments processed by a company.
- Marketplace
- A platform that allows buyers and sellers to interact and transact.
- CRM (Customer Relationship Management)
- A technology for managing all of a company’s relationships and interactions with customers and potential customers.
- M&A (Mergers and Acquisitions)
- The process of combining two or more companies into one.
- Cloud Adoption
- The process of transitioning from traditional on-premise computing to cloud computing.