Point.me, a travel rewards search platform, has landed $15 million in a Series B round.
The investment in the company, which was founded in 2022, was led by Nyca Partners and Citi Ventures while Samsung Next, RiverPark Ventures, Four Cities Capital and MoreThan Capital also participated. The round also attracted Meta executives and the co-founder of ITA Software (Google Flights) and previous investors Thayer Ventures and PAR Capital Ventures, who led earlier fundraising rounds, joined the Series B too.
Point.me, a PhocusWire Hot 25 Startup for 2024, said it has had a "a strong year of growth" with partnerships sealed with American Express and Bilt Rewards.
“I am grateful for the support for our vision from our new and existing investors. Their vote of confidence demonstrates both consumer and market interest in cutting-edge technology at the intersection of personal finance and meaningful travel rewards,” said Adam Morvitz, founder and CEO of point.me.
The Series B investment will drive further enterprise growth for point.me as well as enable it to expand its services.
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"We have had an investing thesis around rewards for some time and were thrilled to find the right team, product and traction in point.me," said Stephanie Khoo, partner at Nyca Partners.
"The founding team's deep knowledge of the rewards and travel space is complemented nicely by a top-notch technical team that delivers an elegant solution to what was previously a painfully manual process to categorically search award inventory across airlines carriers. Now, all travel enthusiasts can more easily answer these questions: firstly, should I use points or cash? And secondly, which points are the most optimal?"
Luis Valdich, head of fintech investing at Citi Ventures said: “As active investors in travel and entertainment, a key vertical for card spend, we at Citi Ventures immediately got point.me’s problem statement and were drawn to Adam’s strong founder-product fit, contagious energy and vision of building the world’s first travel rewards marketplace in close collaboration with the industry."
The company, which announced Series A funding of $10 million a year ago, said it has surpassed 18 million user searches.