Miles, a rewards platform for all types of travel, has announced $12.5 million in Series-A funding, led by Scrum Ventures. TechNexus Venture Collaborative participated alongside other leading investors, including TransLink Capital, Japan Airlines, Innovation Fund, and others. To date, Miles has raised a total of $20 million.
Since its initial launch in 2018, Miles has quickly built momentum as the first universal rewards platform for all forms of travel – with rapid adoption on iOS and Android and a robust partner ecosystem of more than 200 leading brands offering 350 personalized rewards. “Miles is the world’s first frequent‐flyer‐like platform that rewards daily movement, regardless of how or where you travel,” says Miles CEO Jigar Shah.
The app saw growth amid the pandemic and adjusted rewards to incentivize outdoor socially distant activities such as walking, running, and biking. “Even with travel slowing worldwide during the pandemic, we’ve more than doubled our rewards marketplace, tripled our revenue, and dramatically increased adoption. Not only are we seeing a record number of rewards redeemed by our users, but we’re also generating increasing revenue for our brand partners – all while incentivizing greener travel,” stated Shah in the company’s official press release.
TechNexus Venture Collaborative believes that disruptive innovation from the innovation ecosystem leads to new avenues of growth for traditional industry incumbents. Miles is breaking the mold of conventional rewards and incentives marketplaces.
“As brands look to form deeper relationships with their end customers, Miles fills a critical gap in bridging this divide with a best-in-class rewards platform delivering value to both sides,” said Andrew Wolohan, Senior Director at TechNexus. “We look forward to partnering with Miles as the company continues to grow and are excited about supporting that growth through our network of enterprise partners.”
Miles plans to use the funding to expand its team, continue investing in research and development, and grow its in-app marketplace.
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