February 27, 2024

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Breaking News: Myrealtrip Raises $56.7 Million to Revolutionize Post-Pandemic Tourism Tech

2 min read
Breaking_News

Myrealtrip Raises $56.7 Million to Revolutionize Post-Pandemic Tourism Tech

Myrealtrip, a Seoul-based travel tech company, has successfully secured $56.7 million (75.6 billion KRW) in a Series F equity funding round. This significant investment is set to propel the company’s business expansion, product innovation, and recruitment efforts.

Resurgence of Global Tourism

Recent findings from the UN World Tourism Organization have revealed a promising resurgence of global tourism to pre-pandemic levels during the third quarter of 2023. This resurgence has fueled the ambitions of travel tech companies, igniting a wave of preparations for accelerated business expansion.

Myrealtrip’s Vision and Expansion

Founded 12 years ago, Myrealtrip has rapidly evolved into a dominant force in the travel industry, amassing 7.9 million users in South Korea. With a goal to become a comprehensive super app for travel, the company offers a wide array of services, including travel bookings for flights, accommodations, activities, and local transportation. Myrealtrip has established partnerships with approximately 2,000 travel agencies, hotel platforms, and airfare comparison service providers such as Expedia, Agoda, and Viator.

Financial Growth and Survival Strategies

Despite encountering considerable challenges during the pandemic, Myrealtrip persevered by focusing on domestic tourism and implementing new features like group trips and business travel. The company also expanded its reach through strategic investments and acquisitions, including the acquisition of Startrip in 2022, which caters to foreign tourists visiting South Korea, particularly those interested in K-pop themed experiences.

Technology and Future Plans

Myrealtrip is committed to leveraging technology, including AI capabilities and chatbots for customer service, to enhance its offerings and secure a competitive edge in the industry. The company is eyeing an initial public offering in 2026 and plans to strengthen its technological infrastructure in preparation for this milestone.

Funding and Investors

Returning investors BlueRun Ventures Korea and IMM Investment co-led the Series F funding round, joined by new investors such as Korelya Capital and Vanderbilt University’s endowment fund. With total equity funding amounting to approximately $113 million (150 billion KRW) and $39 million in debt since its inception, Myrealtrip is on a trajectory of remarkable growth and influence.

Key Points:

– Myrealtrip raises $56.7 million in a Series F equity round to accelerate its business and product innovation.
– Global tourism has rebounded to pre-pandemic levels, driving travel tech companies to prepare for business expansion.
– Myrealtrip aims to be a comprehensive super app for travel, offering various booking services and partnering with numerous travel agencies and platforms.
– The company survived pandemic challenges through a focus on domestic tourism, strategic investments, and acquisitions.
– Myrealtrip plans to invest in technology, including AI capabilities, in preparation for its IPO in 2026.

With its robust financial standing and strategic advancements, Myrealtrip is poised to significantly impact the post-pandemic travel landscape, offering travelers a seamless and comprehensive platform for their diverse needs.

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