Miles Announces $12.5M in Series A Funding; Builds Momentum With User Growth, New Partners, and 350 Rewards From Leading Brands
Miles Series A Funding
After years of hard work by our team, I’m thrilled to announce a $12.5 million Series A funding round, led by Scrum Ventures – with participation from TransLink Capital and Japan Airlines (JAL Innovation Fund), TechNexus Venture Collaborative, Aioi Nissay Dowa Insurance (MS&AD), Synapse Partners and several other prominent individual investors.
This capital raise brings Miles’ total funding to $20 million.
Other notable investors include JetBlue Technology Ventures, Liil Ventures, Porsche Ventures, Panasonic, SAIC, Sony Innovation Fund, Urban Us (VC), and Gabe Klein (Co-founder CityFi).
Today, we are also announcing dozens of new reward partners including Acorns, Booking.com, Buffalo Wild Wings, Chewy, Farfetch, Fetch rewards, FuboTV, Garmin, hims, hers, HP, Lego, Pandora, Rover, Sam’s Club, Stash, Smile Direct Club and Wayfair. In total, Miles now has more than 200 reward partners with other notable brands offering rewards on the platform including ButcherBox, Craftsy, Getaroom, Harry’s Razors, Home Chef, Noom, Restaurant.com, Shipt, Thrive Market, as well as gift cards from Amazon, Starbucks, Target and Walmart.
“Miles has not only reimagined travel rewards but created a platform where mobility is universally rewarded – all while delivering incredible value to brand partners. This is evident in the strong user growth and retention, engaged brand partners, and numerous business partnerships. We are very excited about the myriad of opportunities for growth and scale with the company, and how we can support those efforts. We were an early investor in Miles and are thrilled to lead this investment round and join the board. We look forward to working closely with Miles as it continues to execute on its vision to build the world’s first universal rewards platform.”
RYAN MENDOZA, PARTNER WITH SCRUM VENTURES
By leveraging the Miles’ predictive AI platform, businesses and brands can deliver value to customers by offering to meet their Near Future needs as they travel, such as when someone needs a meal, a ride, or is likely to go shopping or purchase entertainment. This leads to increased customer loyalty and repeat visits, as well as increased sales. Since launch, Miles has delivered more than $200 million in revenue to its brand partners – with the introduction of donations, raffles, gift cards and activity challenges leading to a 15x increase in miles redeemed by users year-over-year.
We are thrilled about the growth we’ve generated to date, but this is just the beginning. With this Series A funding, Miles will continue to invest in research and development, expand our marketplace and grow our team. In addition to the venture firms noted above, individual investors included in the funding round include Vikram Malhotra, Chairman of the Americas with McKenzie; Ashish Toshniwal, CEO of Y Media Labs; Viral Bajaria, Chief Technology Officer of 6Sense; Chenxi Wang, Managing Partner, Rain Capital; and Harris Barton, serial investor and former All-Pro Lineman for The San Francisco 49ers.
Quote from: https://blog.getmiles.com/2021/07/22/miles-announces-12-5m-in-series-a-funding-builds-momentum-with-user-growth-new-partners-and-350-rewards-from-leading-brands/