In a remarkable twist of fate, Myrealtrip, a South Korean travel tech gem, has recently secured a whopping $56.7 million in its Series F funding round, marking a significant leap in the post-pandemic travel resurgence. This Seoul-based startup, now a decade-plus in the making, is not just riding the wave of recovery but is set to redefine the travel experience with its innovative approach.
The travel industry, once crippled by the pandemic, is now witnessing a robust revival. The UN World Tourism Organization’s latest report highlights this resurgence, with global tourism bouncing back to pre-pandemic levels. Myrealtrip stands at the forefront of this renaissance, aiming to transform itself into a ‘super app’ for travel aficionados.
Founded 12 years ago in a fragmented South Korean travel market, Myrealtrip’s CEO Donggun Lee envisioned a platform that could offer comprehensive travel solutions. Today, the company boasts an impressive 7.9 million users in South Korea alone, a testament to its success and growing influence.
What sets Myrealtrip apart is its extensive network, encompassing approximately 2,000 travel agencies, hotel platforms, and airfare comparison giants like Expedia and Agoda. This network allows travelers to effortlessly book diverse services ranging from local tours and dining experiences to accommodations and transportation, both domestically and globally.
Financially, Myrealtrip is on a meteoric rise. Its valuation has tripled since its Series D funding in 2020, with the current figures being a closely guarded secret. Yet, it’s not just about the numbers. The company’s revenue has also seen a threefold increase since 2022, with a gross merchandise volume (GMV) of a staggering $746 million in 2023 alone. Ambitiously, they are aiming to double this GMV while eyeing an EBITDA of $12 million in the coming year.
The pandemic, a period of uncertainty for many, was a test of resilience for Myrealtrip. The company not only survived but adapted by focusing on domestic tourism and introducing novel features like group trips and business travel. This adaptability was key to navigating the challenging times.
But it’s not just about survival. Myrealtrip has strategically expanded its footprint through acquisitions and investments. The acquisition of Startrip in 2022, a platform specializing in K-pop themed travel experiences, is a prime example. Additionally, investments in IwaTrip and O-Peace reflect a forward-thinking approach, catering to niche travel demands like family-friendly spots and co-living spaces for digital nomads.
In the competitive landscape of travel technology, Myrealtrip stands out for its technological prowess. With AI-driven chatbots enhancing customer service, the company is not just keeping up but setting new standards in tech-driven travel services. This tech focus is a precursor to its ambitious plans for an initial public offering slated for 2026.
Backing this visionary journey are returning investors like BlueRun Ventures Korea and IMM Investment, who led this funding round. The round also saw new investors like Korelya Capital making their first investment in South Korea. Vanderbilt University’s endowment fund, along with previous backers such as Altos Ventures and Partech Partners, have also shown their confidence in Myrealtrip’s vision.
Today, with a robust team of 300 employees, Myrealtrip stands as a beacon of innovation and resilience in the travel tech sector. Its journey from a startup to a potential market leader reflects the dynamism and potential of the post-pandemic travel industry.
In conclusion, Myrealtrip’s recent funding success is not just a financial milestone; it’s a story of vision, resilience, and innovation. As the travel industry continues to evolve in the post-pandemic era, Myrealtrip is poised to redefine the travel experience, one innovative step at a time. For those eager to witness and partake in this journey, Myrealtrip offers not just a service but a glimpse into the future of travel.
