Bilt Rewards, a platform enabling consumers to earn rewards on rent and local spending, has secured a significant investment of $200 million, elevating its valuation to $3.1 billion. This funding round, led by General Catalyst, marks a substantial increase in valuation compared to the company’s previous raise of $150 million in October 2022. Eldridge and existing investors such as Left Lane Capital, Camber Creek, and Prosus Ventures also participated in this round.
Notable Additions to the Board
As part of the financing, Ken Chenault, chairman and managing director of General Catalyst and former chairman and CEO of American Express, will join Bilt’s board of directors. Additionally, NFL Commissioner Roger Goodell will serve as an independent director, underscoring the caliber of leadership backing Bilt’s vision.
Impressive Performance Amidst Industry Trends
The raise and valuation surge come at a time when mega-rounds, particularly those exceeding $100 million, have become increasingly rare. CB Insights’ State of Venture Report 2023 highlighted a decline in mega-rounds, making Bilt’s achievement even more noteworthy.
Accelerated Growth Trajectory
Since its inception in June 2021 within Kairos, the startup studio led by Bilt founder and CEO Ankur Jain, Bilt has now raised a total of $413 million. The company’s rewards program, launched in April 2022, has rapidly gained traction. Bilt reported an annualized member spend approaching $20 billion and achieved EBITDA profitability in 2023. Moreover, the loyalty program and payment platform have expanded to cover nearly 4 million apartment units, up from 2.5 million units during the last raise.
Innovative Rewards Ecosystem
Bilt’s platform enables users to accumulate points and enhance their credit by paying rent regularly. These points can be redeemed across various loyalty programs, including leading airlines, hotels, fitness classes, and Amazon.com purchases. The company plans to utilize the fresh capital to further develop its Rewards Alliance, expand its Neighborhood Rewards program, and introduce mortgage payment rewards.
Diverse Offerings for Enhanced Convenience
In addition to its rewards program, Bilt offers a co-branded Mastercard, issued by Wells Fargo, allowing users to pay rent and earn Bilt Points without incurring transaction fees. This holistic approach to incentivizing everyday spending has positioned Bilt as a formidable player in the rewards ecosystem.
As Bilt continues to innovate and expand its offerings, fueled by General Catalyst’s investment, the company is poised for sustained growth and increased market prominence.
