People love getting free stuff for money they’re already spending, and Bilt Rewards is cashing in on that. Users get points for rent payments â typically a person’s biggest monthly expense â that they can exchange for travel.
Bilt is among startups highlighted this week in travel sectors in need of modernization: Loyalty, vacation rentals, travel insurance, tours and attractions, and hospitality hiring.
Six startups involved in the travel industry announced fundraises totaling over $262 million.
Bilt Rewards: $150 Million
Bilt Rewards, a loyalty platform that customers can use to book travel, has raised $150 million.
Teachersâ Venture Growth, the investment arm of Ontario Teachers’ Pension Plan, led the round. Other investors included Vanderbilt University Endowment and the University of Illinois Foundation.
The company has now raised $563 million. Bilt in January raised $200 million, which valued the company at $3.1 billion.
New York City-based Bilt allows users to earn rewards points by submitting residential rent payments through its platform. Users can also earn Bilt points at restaurants, fitness studios, and through Lyft. Those points can be used to buy a number of travel products.
Users can transfer their points to more than a dozen travel loyalty programs, including IHG Hotels & Resorts, United MileagePlus, and American Airlines AAdvantage. In the past few months, Bilt added partnerships with Hilton Honors, Alaska Airlines, and private air transport company Blade.
Or, members can use points to book travel through a Bilt portal powered by Expedia.
Bilt members also have access to monthly deals. Past travel-related deals have included a trip to Hawaii for half the usual points, a 90-day trial of Hyattâs loyalty program, and Lyft ride credits. This month, users who book a cruise through Virgin Voyages can get a free plus-one and a $100 bar tab.
The company works with property managers, who then offer the payment system to residents. The company plans to add mortgage lender clients later this year.
Since January, the amount of money processed annually through the platform has grown 50% to over $30 billion, the company said.
Myne: $43.7 Million
Myne, a platform for buying a portion of a vacation home, has raised $43.7 million (â¬40 million) in series A funding through a combination of equity and debt financing.
Limestone Capital AG led the round, with support from Motive Ventures and Scope Hanson. The company has now raised over $65.5 million (â¬60 million) in equity and debt.
Berlin-based Myne enables two to eight people to purchase shares of a vacation rental, with the co-owners then sharing occupancy, costs, and any rental income. Investments begin at $55,000 (â¬50,000), and each share comes with the right to use the property for 6.5 weeks per year.
The digital platform includes a scheduling system, property management services for a monthly fee, and the ability to sell shares to another person. Myne has properties in six European countries, with plans to expand into Croatia and Portugal.
The funding will go toward developing the tech and financing capabilities, as well as expanding into new and existing markets.
Faye: $31 Million
Faye, a travel insurance app for the U.S., has raised $31 million in series B funding.
Portage led the round, with support from Lumir Ventures, F2 Venture Capital, Viola Ventures, and Munich Re Ventures. The company has now raised $49 million.
Tel Aviv-based Faye offers coverage for trip disruptions, health issues, pets, lost luggage, and more. Some add-ons include coverage for adventure and extreme sports, as well as vacation rental damage.
Faye has added several products since last year: Trip prep info like a destinationâs health mandates, telemedicine access with the ability to schedule in-person visits, travel tips, and more.
Users can access customer service representatives, file claims, and receive insurance payouts through the app.
Faye plans to grow revenue five times this year, including by selling to travel companies as an offering for consumers. The company plans to expand its U.S. headquarters in Virginia and add offices in New York, Florida, and California.
Gigpro: $16 Million
Gigpro, a marketplace for temporary hospitality workers, has raised $16 million in a series A round. Foundry led the round, with support from Stage 1 Ventures, Stage 2 Capital, and Detroit Venture Partners.
South Carolina-based Gigpro connects freelance workers with hotels, restaurants, and catering and events companies. Businesses can post shifts on the app, and workers can search and apply for the roles that match their interests. The average hourly wage starts at $17, the company said.
Gigpro says it has helped fill more than 350,000 shifts for more than 9,000 businesses. It operates in 28 American cities, with plans to expand. The funds will also go toward strengthening the platform.
Holisto: $10 Million
Holisto, an hotel aggregator, has raised $10 million from Trivago in exchange for a 30% stake of the company. Trivago said it has the option to buy the remaining 70% of the company within 15 months for a maximum price of $60 million.
Connecticut-based Holisto says it uses machine learning to find and combine several hotel bookings within the duration of a single stay, meant to provide users with the lowest possible price. (Read Skiftâs story.)
Slice: $7.5 Million
Slice, a layaway service for vacations, has raised $7.5 million in a seed round. Peak XV Partners led the round. The startup also secured $10 million in debt from Roadnight Capital.
Australia-based Slice allows users to book a trip with a deposit and then make up to 26 weekly payments, at zero-interest, before the trip begins. Itâs the opposite of a buy-now-pay-later model, the company says, meant as an alternative to going into debt for vacation.
The startup also sells the product to travel agents, who can then offer the service to customers. The funding will go toward developing the product and expanding offerings.
Lovetovisit: $4.1 Million
Lovetovisit, a booking platform for ticketed attractions and events, has raised $4.1 million (£3.2 million).
Venrex and Redrice Ventures led the round, with support from Active Partners, Velocity Partners, and a group of angel investors.
UK-based Lovetovisit lists more than 2,700 products â including theater shows, city attractions, events, and festivals â 80% of which it sells exclusively. The app includes AI-powered recommendations and interactive maps to see whatâs happening nearby.
The startup said it has generated $9.5 million (£7.4 million) in revenue from more than 3.2 million users.
The funding will go toward growing in the UK and internationally, with plans to double growth and inventory each year for the next three years.
| Company | Stage | Lead | Raise |
|---|---|---|---|
| Bilt Rewards | Unspecified | Teachersâ Venture Growth | $150 million |
| Myne | Series A | Limestone Capital AG | $43.7 million |
| Faye | Series B | Portage | $31 million |
| Gigpro | Series A | Foundry | $16 million |
| Holisto | Unspecified | Trivago | $10 million |
| Slice | Seed | Peak XV Partners | $7.5 million |
| Lovetovisit | Unspecified | Venrex and Redrice Ventures | $4.1 million |
Skift Cheat Sheet
Seed capital is money used to start a business, often led by angel investors and friends or family.
Series A financing is typically drawn from venture capitalists. The round aims to help a startupâs founders make sure that their product is something that customers truly want to buy.
Series B financing is mainly about venture capitalist firms helping a company grow faster. These fundraising rounds can assist in recruiting skilled workers and developing cost-effective marketing.
Series C financing is ordinarily about helping a company expand, such as through acquisitions. In addition to VCs, hedge funds, investment banks, and private equity firms often participate.
Series D, E, and, beyond These mainly mature businesses and the funding round may help a company prepare to go public or be acquired. A variety of types of private investors might participate.
