Skift Take
They say that startup funding is tight right now, but these big fundraises show that some money is still flowing.
Travel Startup Funding This Week
Each week we round up travel startups that have recently received or announced funding. Please email Travel Tech Reporter Justin Dawes at [email protected] if you have funding news.
After a sleepy holiday season, it was the biggest week in a while for startup funding in travel.
Nine startups involved in the travel industry announced fundraises totaling nearly half a billion dollars.
Each of the three biggest raises exceeded $100 million. They were for platforms seeking to modernize loyalty rewards, tours and activities operations, and corporate travel.
Bilt Rewards: $200 MillionBilt Rewards, a loyalty platform that customers can use to book travel, has raised $200 million.
General Catalyst was the lead investor, with support from Eldridge, Left Lane Capital, Camber Creek, and Prosus Ventures.
The fundraise values the company at $3.1 billion, more than double the valuation in 2022 when it raised $150 million.
The company has now raised more than $413 million.
New York City-based Bilt allows users to earn rewards points by submitting residential rent payments through its platform. Those points can be used to buy a number of products, including travel.
Bilt partners with residential real estate companies in the multifamily, single-family, and student housing sectors, covering four million units across the U.S. Those companies’ renters have access to the Bilt platform. Users spent nearly $20 billion on rent payments through Bilt in 2023, the company said.
Users can transfer their points to 12 loyalty programs — including IHG Hotels & Resorts, United MileagePlus, and American Airlines AAdvantage — with access to more than 100 airlines and hotel brands.
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 Hyatt’s loyalty program, and Lyft ride credits.
The funding will go toward expanding business and improving products, including a program that r