Seoul-based travel tech firm Myrealtrip has successfully raised $56.7 million
Seoul-based travel tech firm Myrealtrip has successfully raised $56.7 million in a Series F equity round, signaling its intent to capitalize on the rebounding global tourism industry.
The funding will be allocated towards accelerating business and product innovation, as well as expanding its workforce. Myrealtrip, boasting 7.9 million users in South Korea, aims to position itself as a comprehensive travel super app, offering services ranging from flight and accommodation bookings to activities and local transportation.
Post-Pandemic Rebound and Business Growth
With global tourism returning to pre-pandemic levels in Q3 2023, Myrealtrip is poised to capitalize on the resurgence. The company, founded 12 years ago, has undergone significant growth, partnering with around 2,000 travel agencies, hotel platforms, and airfare comparison service providers. Its valuation has tripled since the Series D funding in 2020, reaching over 200 billion KRW in 2020.
CEO Donggun Lee stated that Myrealtrip’s revenue has tripled since 2022, achieving a gross merchandise volume (GMV) of $746 million in 2023. The company aims to double its GMV and generate an EBITDA of $12 million in the current year.
Surviving Challenges and Strategic Moves
While the pandemic presented challenges, Myrealtrip strategically focused on domestic tourism, launching features such as group trips and business travel. Acquisitions and investments, including Startrip (K-pop themed travel platform) and IwaTrip (family-friendly travel platform), were made to enhance its services.
Technological Investments and Future Plans
Myrealtrip emphasizes the importance of technology for long-term success, planning to invest in AI capabilities, including AI chatbots for customer services. The company envisions an initial public offering (IPO) in 2026. Returning investors BlueRun Ventures Korea and IMM Investment co-led the Series F round, with new investors Korelya Capital and Vanderbilt University’s endowment fund, alongside previous backers, contributing to the funding. The latest round brings Myrealtrip’s total equity raised to approximately $113 million.
Competitive Landscape and Market Dynamics
Myrealtrip faces competition from established players like SoftBank-backed Klook, Yanolja, Agoda, and Airbnb in the travel tech sector. The funding injection positions the company to innovate and solidify its position in the evolving travel landscape.