Myrealtrip may be the travel tech company that is latest to ride a growing post-pandemic tourism industry. The Seoul-based startup said today it has raised $56.7 million (75.6 billion KRW) in a Series F equity round of funding to accelerate its business and product innovation and ramp its hiring up.

Global tourism has actually rebounded to pre-pandemic amounts within the quarter that is third of, according to a recent UN World Tourism Organization report. Travel tech companies again prepare to speed their business expansion up.

“The vacation business ended up being disconnected 12 years back in South Korea, and there clearly was no platform that supplied vacation information,” CEO of Myrealtrip Donggun Lee stated in an interview that is exclusive For Millionaires. Now the company that is 12-year-old that has 7.9 million people in Southern Korea, is designed to be an excellent application within the vacation business, providing vacation reservation solutions, from routes, rooms, tasks, to neighborhood transportation.

The organization partnered with around 2,000 travel companies, resort systems, and airfare contrast providers like Expedia, Agoda, and Viator allow people to reserve solutions trips, tasks, restaurants, neighborhood transport, resort hotels and Airbnb-like rooms globally.

Its valuation increased by 3x since its final equity money, Series D, in 2020, Lee informed For Millionaires, without offering an figure that is exact. The company valuation was estimated at more than 200 billion KRW in 2020, per previous media outlets.

Lee also said that Myrealtrip had seen its revenue surge by three times since 2022. The outfit posted a merchandise that is gross (GMV) of $746 million (1 trillion KRW) in 2023. It is designed to increase its GMV and produce an EBITDA of $12 million this Lee noted.Image year Credits:

Myrealtrip

Like travel companies that are most, the Korean startup encountered difficulties throughout the pandemic lockdown. It is said by the company could survive with the capital it had secured in 2020 and debt financing in 2022 in preparation for post-pandemic.

“Myrealtrip Prioritized tourism that is domestic established brand-new functions like an organization travel or company go to endure for the past two difficult many years,” Lee said.StartripThe organization failed to simply increase its tourism that is domestic but made several acquisitions and strategic investments. Myrealtrip acquired that is( in 2022 to fully capture how many international tourists seeing Southern Korea post-pandemic. This vacation system allows people find out and book(K-pop that is korean-pop themed spots, including popular boy band BTS music video filming locations. Lee said it plans to operate Startrip as a separate entity to improve advanced technology to its service.

Myrealtrip additionally purchased IwaTrip, a Korean vacation system that can help users get a hold of readily available places to visit with children, and O-Peace, a co-working and co-living area system made for electronic nomads employees.

Technology will likely be crucial towards the lasting popularity of attracting its incoming and outbound travel people along with international tourists to just take its competitors on like SoftBank-backed Klook, which raised $210 million last month; Yanolja; Agoda; and Airbnb.

Lee said the company, which uses AI chatbots for customer services, will invest more in technology, including AI capabilities, before its planned initial public offering in 2026.

Returning investors BlueRun Ventures Korea and IMM Investment co-led the round, which brings its total raised to approximately $113 million (150 billion KRW) in equity and $39 million in debt since its inception in 2012. New investors Korelya Capital, marking its investment that is first in Korea, and Vanderbilt University’s endowment investment and past backers, including Altos Ventures, Partech Partners, Smilegate and SV Investment, additionally joined up with the Series F.