Rocketmiles, a Chicago, IL- and Boston, MA-based travel-booking site features a new class of miles incentives, raised $6.5m in Series A Financing.
The round was led by August Capital, with participation from existing investors Peterson Ventures, Link Ventures and Atlas Venture as well as new investors Chicago Ventures and Sam Yagan, CEO at Match.com. As part of the financing, Rocketmiles added August Capital partner Tripp Jones and travel industry entrepreneur Scott Hintz to its Board and Tom Botts, a hospitality veteran from Starwood and Denihan Hospitality, to its Advisory Council.
The company intends to use the funds to accelerate customer acquisition and global expansion.
Founded by travel and loyalty veterans CEO Jay Hoffmann, Bjorn Larsen, and Kris Helenek, Rocketmiles provides a platform that allows frequent fliers to earn loyalty program miles and points when booking rooms at high-quality hotels.
Launched less than a year ago, The company says it allows customers to (typically) earn 7,000 airline miles per booking (about 10-20x the typical incentive) while hotels are motivated to partner with Rocketmiles to reach premium customers without using visible discounting schemes on deal sites, which can weaken their brand and pricing strategy.