Amsterdam-based scaleup Mews has bagged $100mn in credit financing as it looks to swallow up competitors and become a market leader in SaaS software for the hospitality industry.
Vista Credit Partners, the credit-investing arm of tech-focused private equity firm Vista Equity Partners, dished out the funding.
Mews, based at TNW City, has built a cloud-based system that helps hotels and other hospitality businesses manage their daily operations more efficiently. It handles tasks like booking rooms, checking guests in and out, processing payments, managing housekeeping, and providing tools for reporting and analytics.
The fresh funding comes just months after Mews secured $110mn at a $1bn valuation, making it the Netherlands’ latest unicorn. The company has acquired nine competitors so far, including HS3 Hotelsoftware, Frontdesk Anywhere, Hotello, and Nomi — and doesn’t look to be slowing down anytime soon.
“The market is ripe for consolidation,” said founder Richard Valtr, pictured right. “The funds from Vista Credit Partners further progress our position to continue investing in M&A via our investment and corporate development arm, Mews Ventures.”
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Valtr, an ex-hotelier on a mission to transform the way hotels do business, founded Mews in 2012. “Digital transformation is challenging for many hospitality brands because too many run their systems with legacy, on-premise technology,” Valtr previously told TNW.
Mews sees M&A as a path to rapid growth. For instance, its acquisition of German hotel tech startup HS3 Hotelsoftware instantly added 3,500 properties to the Mews portfolio.
Mews has experienced a revenue increase of over 60% year-on-year and more than 16 million annual hotel check-ins worldwide, it said. It has 5,500 customers in 85 countries, most of which are independent hotel companies.