Myrealtrip Raises $56.7 Million in Funding to Revolutionize the Travel Industry
Myrealtrip, a travel tech company based in Seoul, is among the latest to capitalize on the growing post-pandemic tourism industry. The startup announced today that it has raised $56.7 million in funding.
Korea’s Myrealtrip grabs $56M in new funding as travel rebounds
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The travel industry has come a long way in the past decade. Gone are the days of flipping through travel brochures and relying on outdated guidebooks. Nowadays, all you need is a smartphone and an internet connection to book flights, accommodations, activities, and more. And leading the charge in this tech-driven travel revolution is Myrealtrip, a Seoul-based startup that recently secured a whopping $56.7 million in funding.
Pre-pandemic Tourism Rebounds, Travel Tech Companies Thrive
According to a recent UN World Tourism Organization report, global tourism has bounced back to pre-pandemic levels in the third quarter of 2023. As the tourism industry recovers, travel tech companies are gearing up for rapid expansion and innovation.
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Myrealtrip: From Small Startup to Super App
Founded 12 years ago, Myrealtrip has grown from a small South Korean startup to a travel industry powerhouse with 7.9 million users. CEO Donggun Lee shared in an exclusive interview that the company aims to become a super app that provides a one-stop solution for all travel needs – from flights and accommodations to activities and local transportation.
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Partnership with Leading Service Providers
To offer a seamless booking experience to travelers, Myrealtrip has partnered with over 2000 travel agencies, hotel platforms, and airfare comparison service providers like Expedia, Agoda, and Viator. This collaboration allows users to book services for tours, activities, restaurants, local transportation, hotels, and even Airbnb-like accommodations worldwide.
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Rapid Growth and Financial Success
Since its last funding round (Series D) in 2020, Myrealtrip’s valuation has tripled, and its revenue has surged threefold since 2022. The startup recorded an impressive gross merchandise volume (GMV) of $746 million in 2023. Looking ahead, the company is aiming to double its GMV and generate an EBITDA of $12 million this year.
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Surviving the Pandemic and Expanding Domestically
Like most travel companies, Myrealtrip faced challenges during the pandemic. However, the company strategically focused on domestic tourism and introduced new features like group trips and business travel to survive these challenging times. Additionally, Myrealtrip made strategic acquisitions and investments to enhance its service offerings. For example, the company acquired Startrip in 2022, a travel platform that allows users to discover and book K-pop themed spots, including popular boy band BTS music video filming locations.
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Embracing Technology for Future Success
Myrealtrip understands that technology will be the key to long-term success in the travel industry. Utilizing AI chatbots for customer support, the company plans to invest more in advanced technology, including AI capabilities, as it prepares for its planned initial public offering (IPO) in 2026. By leveraging the power of technology, Myrealtrip aims to attract inbound and outbound travelers, as well as foreign tourists, and stay competitive against rivals like SoftBank-backed Klook, Yanolja, Agoda, and Airbnb.
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Funding Round and Investors
Myrealtrip’s recent funding round, a Series F equity round, was co-led by returning investors BlueRun Ventures Korea and IMM Investment, bringing the company’s total raised to approximately $113 million in equity and $39 million in debt since its inception in 2012. New investors Korelya Capital, Vanderbilt University’s endowment fund, and previous backers – including Altos Ventures, Partech Partners, Smilegate, and SV Investment – also joined this round.
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Looking Ahead: The Future of Travel Tech
The success of Myrealtrip and the post-pandemic boom in the tourism industry highlight the incredible potential for innovation and growth in the travel tech sector. As travel becomes increasingly digitized, we can expect more advancements in AI, mobile apps, and virtual reality experiences. With Myrealtrip leading the way, we are excited to see what the future holds for travelers worldwide.
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Q&A: What You Need to Know About Myrealtrip
1. How does Myrealtrip differ from other travel booking platforms?
Myrealtrip aims to be a super app in the travel industry, offering a comprehensive range of travel booking services. Its partnerships with leading service providers allow users to book flights, accommodations, activities, and more all in one place. Additionally, the company’s focus on technology, including AI chatbots for customer support, sets it apart from traditional travel booking platforms.
2. What are some of the unique features offered by Myrealtrip?
Myrealtrip has made strategic acquisitions and investments to enhance its service offerings. For example, the acquisition of Startrip allows users to discover and book K-pop themed spots, including popular boy band BTS music video filming locations. Additionally, the company has invested in platforms like IwaTrip, which helps users find family-friendly travel spots, and O-Peace, a co-working and co-living space platform for digital nomads.
3. How has Myrealtrip navigated the challenges of the pandemic?
To navigate the challenges of the pandemic, Myrealtrip prioritized domestic tourism and introduced new features like group trips and business travel. The company also secured capital in 2020 and debt financing in 2022 to ensure its survival during the lockdowns. By strategically expanding its domestic tourism offerings and making acquisitions, Myrealtrip continued to thrive amidst the pandemic.
4. What are Myrealtrip’s plans for the future?
Myrealtrip plans to invest more in technology, including AI capabilities, as it prepares for its planned initial public offering (IPO) in 2026. The company aims to continue doubling its gross merchandise volume (GMV) and generating significant revenue growth. Through innovation and strategic partnerships, Myrealtrip plans to solidify its position as a leader in the travel tech industry.
