February 27, 2024

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Breaking News: Myrealtrip Secures $56.7 Million in Series F Funding to Revolutionize Post-Pandemic Travel Industry

3 min read
Breaking_News

Myrealtrip Secures $56.7 Million in Series F Funding to Revolutionize Post-Pandemic Travel Industry

Myrealtrip, a Seoul-based travel tech company, has recently secured $56.7 million (75.6 billion KRW) in a Series F equity round of funding. This significant investment comes as the global tourism industry has shown a promising rebound to pre-pandemic levels in the third quarter of 2023. The company’s CEO, Donggun Lee, revealed that the funding will be utilized to drive business and product innovation, as well as to support extensive recruitment efforts. With a solid user base of 7.9 million in South Korea, Myrealtrip is aiming to establish itself as a leading super app in the travel industry, offering a comprehensive range of travel booking services, from flights and accommodations to local transportation and activities.

Post-Pandemic Recovery

Myrealtrip, like many other travel companies, faced substantial challenges during the pandemic. To survive these turbulent times, the company strategically prioritized domestic tourism and introduced new features such as group trips and business travel. This enabled Myrealtrip to weather the storm and make significant progress in preparation for the post-pandemic era.

Strategic Acquisitions and Investments

During this period, Myrealtrip not only focused on expanding its domestic tourism services but also made several strategic acquisitions and investments. The acquisition of Startrip in 2022 aimed to capture the influx of foreign tourists visiting South Korea post-pandemic. This travel platform allows users to explore and book K-pop-themed spots, including locations featured in music videos of popular boy band BTS. Additionally, investments in platforms like IwaTrip, designed to help users find family-friendly travel spots, and O-Peace, a co-working and co-living space platform catering to digital nomads, have further diversified Myrealtrip’s offerings.

Technological Advancements and Future Plans

Recognizing the pivotal role of technology in attracting both inbound and outbound travelers, as well as foreign tourists, Myrealtrip is planning to channel its recent funding into further technological advancement, including AI capabilities. The company is committed to enhancing customer service with AI chatbots and has announced plans to invest significantly in technology prior to its projected initial public offering in 2026.

Robust Investor Support

This Series F funding round saw continued support from existing investors such as BlueRun Ventures Korea and IMM Investment, as well as participation from new investors including Korelya Capital, in its first investment in South Korea, and Vanderbilt University’s endowment fund. With a total raised amounting to approximately $113 million in equity and $39 million in debt since its establishment in 2012, Myrealtrip has secured a strong financial foundation to drive its ambitious growth plans.

Key Points:

– Myrealtrip has secured $56.7 million in Series F funding to enhance its travel booking services and drive product innovation.
– The company strategically prioritized domestic tourism and introduced new features to navigate the challenges posed by the pandemic.
– Strategic acquisitions and investments, including the acquisition of Startrip and investments in family-friendly travel platforms, have expanded Myrealtrip’s offerings.
– Myrealtrip plans to invest significantly in technology, including AI capabilities, as it prepares for an initial public offering in 2026.
– The Series F funding round saw continued support from existing investors and the participation of new investors, marking a significant milestone for the company’s future endeavors.

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