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How this Amsterdam-based Startup Became a Unicorn after $110 Million Funding

How this Amsterdam-based Startup Became a Unicorn after $110 Million Funding: Story of Mews

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With a $1.2 billion valuation, Mews, an Amsterdam-based cloud platform for hospitality, just completed a $110 million investment round, making it a unicorn. Even while the money will be crucial in helping Mews pursue strategic acquisitions, R&D projects, and worldwide expansion, this amazing accomplishment wasn’t achieved overnight but rather as a result of several important things coming together.

Addressing an Important Industrial Necessity

How this Amsterdam-based Startup Became a Unicorn after $110 Million Funding

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The narrative of Mews starts in 2012 with Richard Valtr, a former hotelier who saw directly the drawbacks of the sector’s reliance on antiquated, on-premise technology. He saw the need for a cloud-based platform to improve visitor experiences, expedite processes, and open new avenues. Hoteliers grappling with antiquated systems that were cumbersome, costly, and incapable of meeting the changing needs of the digital era found great resonance in this concept.

Establishing a Solid Foundation and Fostering Trust

Setting out on his aim, Valtr brought together a group of driven people to create Mews, a full-featured cloud platform for hospitality. A range of functions, including property management systems, booking engines, tools for processing payments, and connectors with different hospitality apps, were provided by the platform. Mews solved several issues that hoteliers were experiencing by offering a centralised, user-friendly platform. 

Lower Operating Costs

Cloud-based solutions provided a more affordable option by doing away with the requirement for pricey hardware and software licensing.

Enhanced productivity: Employees were able to concentrate on providing outstanding guest care because of the time and resources saved by automated procedures and streamlined workflows. Improved visitor experiences Mews gave hotel operators the ability to customise visitor experiences, provide self-service choices, and meet changing client needs.

An approach focused on expansion and creativity

Mews understood that success required both innovation and growth. The business concentrated on a few crucial strategies:

Organic Growth

Mews’ strong platform and gratifying client feedback spurred organic growth as happy hoteliers told others about the platform. Mews made eight major acquisitions in the hotel industry, including Frontdesk Anywhere, Hotello, and Nomi. Through these purchases, they were able to increase the size of their client base while also integrating new features and technologies, which enhanced the potential of their platform.

Globalisation

Mews deliberately extended its reach outside of Amsterdam, serving a broader spectrum of clients and positioning itself as a major player on the world stage after realising the possibilities of other markets.

Continuous Innovation

Mews places a high priority on R&D, often adding new features and functions to its platform. Mews’ dedication to innovation guarantees its position at the forefront of the hospitality technology industry.

Fostering Confidence and Drawing in Investors

Mews’ remarkable development trajectory, innovative spirit, and devotion to solving important industry challenges were duly noted. Important investors like Kinnevik and Goldman Sachs came to believe in the firm. These investments gave Mews the money it needed to keep growing, go worldwide, and carry on with its mission to transform the hospitality sector.

Also Read: Who is JTA the lead investor in the $231 million funding round?

Conclusion

Mews’ experience teaches prospective business owners important lessons.

  • Determine a vital need: Speak to a genuine issue that your intended audience is facing.

  • Create a convincing remedy: Provide a novel product or service that successfully addresses the defined demand. 

  • Concentrate on expansion: Create plans for both inorganic and organic development to increase your clientele and market penetration.

  • Accept innovation: To stay ahead of the curve, keep coming up with new ideas and ways to better your goods or services.

  • Establish alliances and trust: Build trust with clients and business associates to get the assistance and assets required for success.

Mews’s ascent to unicorn status is a result of its remarkable development trajectory, strategic collaborations and acquisitions, dedication to innovation and expansion, concentration on meeting a pressing industry need, and investor trust. Mews is in a good position to continue leading and influencing the direction of the hotel industry as it develops.

Who is JTA the lead investor in the $231 million funding round?

Who is JTA the Lead Investor in the $231 Million Funding Round?

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Investree, Indonesia’s leading digital lending platform, recently announced a groundbreaking $231 million funding round, marking a significant milestone in its journey toward financial inclusion and digital transformation. At the forefront of this investment is JTA, a prominent financial institution  playing a pivotal role in shaping Southeast Asia’s fintech landscape.*

Unveiling JTA: A Key Player in Southeast Asia's Fintech Ecosystem

Who is JTA the lead investor in the $231 million funding round?

Image Source: techinasia.com

JTA, also known as J Trust Asia, is a Tokyo-based financial group with a strong focus on investment and financial services across Asia. Established in 1997, the company has rapidly expanded its presence, leveraging its expertise in banking, asset management, and fintech to fuel economic growth and innovation in the region. With a mission to empower businesses and individuals through accessible financial solutions, JTA has become a trusted partner for companies seeking capital infusion and strategic guidance.

Strategic Partnership with Investree: Driving Financial Inclusion and Innovation

Investree’s collaboration with JTA signifies a strategic alignment aimed at revolutionizing Indonesia’s lending landscape. As a pioneer in peer-to-peer lending, Investree has consistently championed financial inclusion by providing SMEs with access to much-needed capital through its digital platform. With JTA’s backing, Investree is poised to accelerate its growth trajectory, further enhancing its technological infrastructure and expanding its reach to underserved communities.

JTA’s investment not only underscores its confidence in Investree’s business model and potential but also highlights its commitment to fostering innovation and inclusive economic development in Southeast Asia. By leveraging JTA’s extensive network and resources, Investree aims to strengthen its position as a leading fintech player, driving sustainable growth and creating value for stakeholders across the ecosystem.

As Investree embarks on its next phase of expansion and innovation, fueled by JTA’s substantial investment, the company remains steadfast in its commitment to driving positive change and empowering businesses to thrive in an increasingly digital economy. With a focus on harnessing technology to streamline lending processes, enhance risk management, and deepen financial inclusion, Investree is poised to unlock new opportunities and transform the way businesses access capital in Indonesia and beyond.

Also Read: Microsoft Engineer Raises Alarm Over AI Tool’s Inappropriate Content Creation

The partnership between Investree and JTA exemplifies the transformative potential of collaboration between traditional financial institutions and fintech disruptors. By combining expertise, resources, and a shared vision for innovation, the two entities are poised to reshape the financial landscape, driving sustainable growth and creating lasting impact for communities and businesses across Southeast Asia.

In conclusion, JTA’s lead investment in Investree’s $231 million funding round marks a significant milestone in the evolution of Indonesia’s fintech ecosystem. With a shared commitment to driving innovation, inclusion, and impact, the partnership between JTA and Investree holds immense promise for advancing financial access and economic empowerment in the region.

Saudi’s Tabby Gets $700 Million Credit Line From JPMorgan

Saudi’s Tabby Gets $700 Million Credit Line From JPMorgan

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UAE-founded and Saudi Arabia-headquartered fintech Tabby has recently clinched a monumental $700 million debt financing round from J.P. Morgan, propelling its plans for an initial public offering (IPO) in the kingdom.

Empowering Fintech Growth in the MENA Region

Tabby, a burgeoning financial services app in the MENA region, has struck a significant deal with J.P. Morgan, setting a regional milestone as the largest asset-backed facility obtained by a fintech company in this territory.

Saudi’s Tabby Gets $700 Million Credit Line From JPMorgan

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This financing coup arrives hot on the heels of Tabby’s previous successful funding rounds, where it raised $200 million in Series D equity financing and subsequently upsized its debt facility to $350 million. With these strategic moves, Tabby is on an accelerated trajectory, positioning itself robustly in the competitive fintech landscape.

Founded in 2019 by Hosam Arab, Tabby has rapidly evolved, offering users a seamless buy now, pay later (BNPL) facility for both online and offline shopping experiences. Managing an impressive $6 billion in annualized transaction volume, Tabby’s influence in reshaping personal finance in the region is becoming increasingly evident.

The latest financial boost not only fortifies Tabby’s financial foundation but also amplifies its capability to expand its suite of financial services and shopping products. With a consumer base of 10 million and partnerships with over 30,000 retailers, Tabby aims to deepen its impact and redefine financial access and convenience across the MENA market.

Visionary Leadership and Strategic Collaboration

CEO and Co-Founder Hosam Arab expressed immense pride in achieving this milestone, emphasizing the significance of the collaboration with key investors like J.P. Morgan, Hassana Investment Company, Soros Capital Management, and Saudi Venture Capital. This collective backing underscores Tabby’s pivotal role in revolutionizing personal finance and shopping experiences in the MENA region.

George Deves, Co-Head of Northern European ABS at J.P. Morgan, highlighted the importance of fostering a vibrant consumer lending sector, affirming their commitment to support retail credit in the Middle East through this strategic partnership with Tabby.

Ahmed Al Qahtani, Chief Investment Officer for Regional Markets at Hassana Investment Company, echoed the sentiment, emphasizing their belief in Tabby’s vision and its potential to reshape the future of financial services across Saudi Arabia and the broader MENA region.

Also Read: Brazil PM’s Wife Clashes With Elon Musk Over Hacked X (Twitter) Account

Tabby’s achievement further solidifies the MENA region’s growing prominence in the global fintech arena. With recent funding rounds and strategic partnerships becoming the norm, the landscape appears ripe for continued innovation and disruptive growth in the realm of financial technology.

As Tabby sets its sights on an IPO in the kingdom, its journey reflects not just its own success story but also the evolving narrative of fintech in the region, poised for transformational change.

Microsoft Launches Seeing AI Android App for Low-Vision And Blind People

Microsoft Launches Seeing AI Android App for Low-Vision And Blind People

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Microsoft has recently unveiled the Android version of its revolutionary app, Seeing AI, specifically designed to assist low-vision and blind individuals. The launch marks a significant milestone in assistive technology, providing new opportunities for independence and accessibility.

Background of Seeing AI

Originally developed for iOS, Seeing AI has been a transformative tool since its inception. The primary goal of the app is to provide a virtual ‘viewing’ experience while taking advantage of advanced technology to assist people with visual impairments.

Features of Seeing AI

Microsoft Launches Seeing AI Android App for Low-Vision And Blind People

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Seeing AI is packed with features like text recognition, object recognition, and scene description, all designed to enhance the daily experiences of its users.

User Interface and Accessibility

The app’s design focuses on intuitive navigation and ease of use, ensuring that its interface is accessible to everyone, regardless of their level of vision.

Technology Behind Seeing AI

At its core, Seeing AI uses cutting-edge AI and machine learning algorithms to interpret the world around its users, transforming visual data into audible information.

Benefits for Low-Vision and Blind Users

Seeing AI opens up a world of independence for visually impaired individuals, from reading printed text to recognizing faces and objects.

Challenges in Developing Seeing AI

Building an app like Seeing AI involves overcoming many technical and ethical challenges, ensuring that it is not only effective but also respectful and privacy-conscious.

Also Read: ChatGPT vs. Google Bard: Which Is Good for Data Analysis?

Future Updates and Roadmap

Microsoft is constantly innovating with plans for future updates that promise to bring even more features and improvements to Seeing AI.

Conclusion

In conclusion, Microsoft’s Seeing AI app for Android is a significant advancement in assistive technology, providing independence and a better experience for low-vision and blind individuals.

Google Alum’s AI Startup Raises $24 Million for Biotech Work

Google Alum’s AI Startup Raises $24 Million for Biotech Work

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European biotech startup Cradle has secured $24 million in funding, marking a significant leap in its quest to employ AI in revolutionizing protein design and engineering. Spearheading this Series A funding is Index Ventures, accompanied by Kindred Capital, Chris Gibson (co-founder of Recursion Pharmaceuticals Inc.), and Tom Glocer (former CEO of Thomson Reuters Corp. and Merck & Co. board member), as announced by Cradle on Tuesday. The company has now amassed a total of $33 million, including its previous seed round.

Google Alum’s AI Startup Raises $24 Million for Biotech Work

Image Source: tech.hindustantimes.com

Cradle distinguishes itself through its utilization of generative artificial intelligence to transcend natural protein boundaries. Its primary focus lies in expediting the creation of protein sequences and 3D structures for a spectrum of applications spanning enzymes, vaccines, lab-grown food, and various materials. Noteworthy clients in its portfolio encompass Johnson & Johnson, Novozymes A/S, and Twist Bioscience Corp. Operating from offices in Delft, Netherlands, and Zurich, the startup has made significant strides since its establishment in 2021.

Bridging AI and Biotech

The convergence of generative AI and biotech stands as a pivotal endeavor for Cradle. Its proprietary AI, trained on vast protein sequence data and internal laboratory insights, empowers biologists to optimize protein design and hasten research and development. Stef van Grieken, former head of product development at Google Brain and now Cradle’s CEO, underscores the technology’s efficiency, revealing that it streamlines experiments, accelerating progress.

Pioneering Solutions and Future Prospects

Highlighting the transformative potential of generative AI in drug development, Cradle aims to address complex protein engineering challenges. The company’s insights reveal that biopharma firms expend substantial resources—$22 million and 42 months of research—on a single potential product, with only a third advancing to clinical trials. Cradle’s innovative AI-driven approach intends to significantly enhance success rates in this domain.

Also Read: How to Disable Copilot on Windows 11 Top 3 Ways

Emphasizing the nascent stage of this fusion of science and AI, Van Grieken likens their progress to “maybe GPT 0.5.” Cradle’s web-based software facilitates seamless integration of biotech data into AI and machine learning tools. With plans to bolster its team, expand engineering capacities, and establish additional lab facilities, the company envisions a transformative journey at the intersection of biology and AI.

Sofia Dolfe, a partner at Index Ventures, envisions the profound impact of AI in biology, signifying the transformative potential Cradle’s work holds for the biotech landscape. As Cradle continues to pioneer AI-powered solutions, the biotech industry anticipates groundbreaking advancements catalyzed by this innovative approach.

Zuckerberg says Threads has almost 100 million monthly users

Zuckerberg Says Threads Has Almost 100 Million Monthly Users

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The reports of a decline in Meta’s Threads social media app usage might have been a tad bit exaggerated, it seems. Mark Zuckerberg, the CEO of Meta, announced that the app presently boasts “just under” 100 million monthly active users, and he envisions a “good chance” of it reaching 1 billion users in the next couple of years.

Zuckerberg says Threads has almost 100 million monthly users
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“I thought for a long time, there should be a billion-person public conversations app that is a bit more positive, and I think that if we keep at this for a few more years, then I think we have a good chance of achieving our vision there,” Zuckerberg communicated during the company’s third-quarter earnings call.

Threads’ journey has been under close scrutiny since its launch in July. The app initially garnered 100 million sign-ups within its first week, but it encountered a decline in engagement due to complaints about limited functionality and an inundation of brand posts in feeds. However, Meta seems determined to overcome these challenges.

During the Threads launch event, Instagram head Adam Mosseri expressed Meta’s intention to engage in robust competition with X, the platform that was once Twitter. Meta has been steadily introducing new features, and engagement appears to have rebounded in recent weeks, especially as Elon Musk implements rapid changes to X, such as removing headlines from links. The Wall Street Journal reported this week that Threads has succeeded in attracting former “power users” from X, a significant sign of its resurgence.

Threads’ growth wasn’t the sole positive development for Meta. The company reported a revenue of just over $34 billion for the quarter, marking a 23 percent increase from the previous year. An impressive 3.9 billion people now use one of the company’s platforms each month, reaching a new milestone for the social media giant. During a discussion with analysts, Zuckerberg underscored that Meta’s recent focus on “efficiency,” which led to shedding over 20,000 jobs in the last year, has proven to be an effective strategy in the face of a “very volatile world.”

Zuckerberg also revealed Meta’s increasing emphasis on generative AI moving forward. “We’re going to continue deprioritizing several non-AI projects across the company to redirect efforts towards AI,” Zuckerberg announced, highlighting the company’s commitment to harnessing artificial intelligence for future growth.

However, these AI investments won’t detract from the company’s commitment to spending on the metaverse. Meta’s division overseeing augmented reality (AR) and virtual reality (VR) ventures, known as Reality Labs, sustained significant losses in the multibillion-dollar range. Revenue from Reality Labs dwindled to just $210 million, with losses surging to $3.7 billion for the quarter and totaling more than $11 billion since the start of 2023.

Also Read: Will X’s Addition of Audio and Video Calling Create Stickiness in the App?

Meta reported its most robust operating margins in the past two years. Additionally, they managed to curtail expenses for the fiscal year. However, Meta foresees that its spending in 2024 will surpass Wall Street’s estimates, citing the postponing of hiring needs from the current year to the next while maintaining investments in AI infrastructure. Furthermore, Meta expressed concerns that the ongoing conflict in Israel and Gaza could potentially dampen fourth-quarter sales.

Meta’s stock, which has seen a remarkable increase of nearly 150% this year, experienced fluctuations in after-hours trading, initially gaining 3% before later declining to trade 3% below the closing price after two hours. As Threads and the broader Meta platform continue to evolve, all eyes will be on whether the company can indeed achieve Zuckerberg’s vision of a billion-person public conversation app.