Rocketmiles raises $6.5M from Chicago Ventures, CEO

SHARE Rocketmiles raises $6.5M from Chicago Ventures, CEO

Chicago travel loyalty rewards startup Rocketmiles has raised $6.5 million in new venture funding that will expand its offerings to international markets.

The company, which launched its mileage-rewards program in April, has raised a total of $8.5 million from investors ranging from locally based Chicago Ventures, TechStars Chicago Managing Director Troy Henikoff and CEO Sam Yagan, to Menlo Park, Calif.-based August Capital and Cambridge, Mass.-based Atlas Venture.

Rocketmiles will hire a general manager for its international business, plus another 10 full-time employees this year, bringing its total staffing to 30, says co-founder and CEO Jay Hoffmann.

The company rewards an average of 8,000 frequent-flier miles after a typical customer books three to four trips, but the rewards can reach 40,000 for a single weeklong stay at a nice hotel in Puerto Rico, Hoffmann says.

Rocketmiles has 10 airline partners, with an 11th — Air Canada’s Aeroplan — to be announced next week, and counts more than 100,000 people signed up to participate, Hoffmann says.

With the new funding, Rocketmiles added to its board Tripit co-founder Scott Hintz and August Capital partner Tripp Jones.

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