Tech startup becomes third Czech firm in history to reach unicorn status

A near-record investment round from hospitality-management firm Mews means that it joins Rohlík and Productboard as Czech companies worth over USD 1bn.

Expats.cz Staff

Written by Expats.cz Staff Published on 05.03.2024 11:03:00 (updated on 05.03.2024) Reading time: 1 minute

Mews, a Prague-based startup specializing in software for accommodation services and restaurants, has officially become Czechia’s third unicorn company in history as its valuation has reached over USD 1.2 billion (CZK 28 billion). A recently confirmed investment of USD 110 million (CZK 2.6 billion) helped secure the tech firm’s unicorn status.

Backing from huge global firms

The newly verified backing was part of Mews' late 2022 investment round, which raised USD 220 million (about CZK 4 billion) from investors – one of the largest sums ever raised by a Czech firm in any investment round. Swedish investment fund Kinnevik and existing shareholders Goldman Sachs and Notion Capital are leading the financing. A unicorn company is a privately owned startup that has reached a valuation of over USD 1 billion.

"This funding allows us to continue building industry-leading products with a world-class team behind us," said Mews CEO Matt Welle of the investment. "In five years, the way hospitality brands interact with guests will be completely different," he added.

Mews has also revealed its financial results for the previous year, reporting earnings of CZK 100 million (CZK 2.3 billion) in 2023, representing a 60 percent increase from the previous year.

FEATURED EMPLOYERS

Eyeing expansion

With this latest investment, Mews joins the exclusive club of Czech unicorns – well-known food-services firm Rohlík and product management software Productboard. The company's long-term vision includes expanding its services beyond the hospitality industry and into everyday life.

"The way I see it is that by the end of the decade, all the places where people live will have so many services around them that everything will look like a hotel," said Valtr in a recent interview. 

Founded by Richard Valtr in 2012, Mews has acquired eight competing firms from Western countries and is poised to revolutionize the hospitality industry with innovative technology. In January, the Czech startup purchased U.S. hospitality software firm Frontdesk Anywhere. 

According to the latest available information, the startup employs over 900 people today, and its platform is used by over 5,000 accommodation facilities in more than 80 countries.

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