Point.me, a metasearch engine for finding flight options using loyalty program points, has raised $10 million in a Series A round.
The investment was led by Thayer Ventures and supported by PAR Capital Ventures, RiverPark Ventures, Plug and Play Ventures and MoreThanCapital. Prior investors, including Gaingels and ITA Software co-founders David Baggett and Carl de Marcken also participated in the round.
The funding will help Point.me boost its partnerships with card issuers in the United States as well as expand its concierge service and scale its consumer subscription business.
The platform already works with loyalty rewards from credit card providers including American Express, Bilt, Capital One, Chase and Citi.
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According to a release, the latest investment will enable “deeper integrations with current partners, offering seamless searches and bookings for cardholders, as well as forge new partnerships with additional providers, ushering platform ubiquity.”
Adam Morvitz, founder and chief executive of Point.me, said, “With our first-of-its kind metasearch platform and this new financing, Point.me is furthering our mission to provide a seamless, easy-to-use travel booking solution, allowing consumers to unlock the whopping $30 billion worth of loyalty points that go unredeemed in just this year alone.”
The company said it attracted more than 1.5 million registered users in its first year.
Chris Hemmeter, managing director at Thayer Ventures, said, “Point.me delivers an unmatched travel discovery and search experience that has proven itself to be an incredibly valuable asset to jet-setters of all kinds. The company's mission to make smarter travel more accessible and approachable excites our team, and we are thrilled to be supporting the brand in building upon their success as they expand their reach and scale their B2B and B2C verticals.”
The company raised $2 million in seed funding last year led by PAR Capital Ventures.