Accommodation platform Mr, Mention announced yesterday that it received 400 million won (USD $335,104) in venture capital from Coolidge Corner Investment (CCVC). The company was also recently successful in raising 160 million won (USD $133,970) via crowdfunding platform OpenTrade.
The service, which was launched in April 2016, offers mid to long-term accommodation information and online bookings for Jejudo, as well as Busan and other locations. The site already has a database of nearly 500 different accommodation options in Jeju alone, and has managed to rack up 200 million won (USD $167,674) in revenue after just 6 months. According to a representative for Coolidge Corner Investment, Mr, Mention’s success grew via word-of-mouth without any extra marketing.
Mr, Mention’s was developed to help make longer term accommodation more affordable and easier to book. A recent trend has seen more visitors to Jejudo stay on the island for up to a month, rather than just a few days. However, there was previously no easy way to book and because most venues charged by the night, prices for a month’s stay were excessive.
Co-founder of the startup, Jae Hyeok Jeong, says that most users of the service are families who travel to Jejudo for a month at a time. Jeong says that they have received a positive response from these types of travelers who find it cheaper to book by month, rather than by number of nights.
From 2017, Mr, Mention will expand its service to Seoul and other areas, including locations where there is higher demand for long-term accommodation. It also has plans to not only offer accommodation,b ut provide other concierge services for customers.
“We want to be a company that grows together with our hosts and satisfies guests by using Mr, Mention’s platform to offer hotel-level service wherever they go,” said CEO Sungjun Jung.
