Point.Me Announces $10 Million Series A
A FinTech that makes it easier for flyers to find and book award travel has closed a fresh round of funding.
About the round:
This week, Point.Me announced that it had raised $10 million. The Series A was led by Thayer Ventures with participation from new investors PAR Capital Ventures, RiverPark Ventures, Plug and Play Ventures, and MoreThanCapital, as well as returning investors Gaingels and ITA Software co-founders David Baggett and Carl de Marcken. Combined with a $2 seed round last year, the company has now raised a total of $12 million.
With the new funds, Point.Me says it plans to expand upon its concierge services and scale its membership base. Additionally, the company says the investment will help fuel its partnerships with card issuers. As they explain, they intend on deepening integrations with existing partners, including Bilt, AmEx, Capital One, Chase, and Citi while also pursuing additional partnerships.
Point.Me is a platform that allows users to search for award flight booking options, with the site supporting results for more than 150 airline loyalty programs. Currently, Point.Me offers several plan options. While new members can enjoy a free trial consisting of three searches on the service or sign up for a $5 “Starter Pass” good for 24 hours, Standard plans start at $12 a month or $129 per year. The platform also offers Concierge services including award flight booking, “Mileage Run” support, and point strategy consultation.
What they’re saying:
In a press release, Point.Me founder and CEO Adam Morvitz stated, “I am excited to announce Point.Me’s Series A fundraise, which will heighten our partnerships with leading credit card issuers, deepen our white glove premium concierge offering, and ultimately expand our subscriptions business to new customers everywhere. 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.”
Additionally, Thayer Ventures’ managing director Chris Hemmeter said of the firm’s investment, “Point.Me delivers an unmatched travel discovery and search experience that has proven itself to be an incredibly valuable asset to jetsetters 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.”
Having had the chance to try the Point.Me’s service via Bilt, I’ve been impressed by the service. As someone who enjoys racking up credit card points yet has little experience in actually redeeming them for flights, I can also understand the need that the platform is aiding. Thus, it’s easy for me to understand why the company is attracting investor attention. With this big step forward for the firm, I’ll be keeping an eye on them to see if their lofty goal of ubiquity comes to fruition.