Dutch startup Mews, which provides hospitality management solutions to the hotel industry, has raised $110 million (€102 million) in a new funding round that values the company at $1.2 billion – making it the newest member of Europe’s elite unicorn club.
A unicorn is a privately-held startup that has attained a valuation of $1 billion or higher.
Founded in 2012 by former hotelier Richard Valtr, Mews provides a cloud-based software-as-a-service (SaaS) solution that counts more than 5,000 global hotel brands as its clients, including big names such as Accor, Strawberry Hotels and Airelles.
The company saw its revenue increase by over 60% in the past year, bringing its annual net revenue over the $100 million mark.
Matt Welle, CEO of Mews, said:
“This funding [round] 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 personalized guest experiences. Mews is in a unique position to truly transform the industry.”
The funding round was led by existing investor Kinnevik. Co-investors included Goldman Sachs Alternatives, Revaia, Notion Capital and LGVP.