Today, Bilt Rewards reported that it received $200 million at a $3.1 value to reward renters and local shoppers.
The New York-based company’s valuation has more than doubled since its $150 million October 2022 deal thanks to this funding, which General Catalyst spearheaded. Left Lane Capital, Camber Creek, and Prosus Ventures joined Eldridge.
Bilt’s board will include General Catalyst chairman and managing director Ken Chenault as part of the new financing. Former American Express chairman and CEO Chenault. The board also includes NFL Commissioner Roger Goodell as an independent director.
In a market with few mega-rounds (deals exceeding $100 million), the raising and value surge are significant. According to CB Insights’ State of Venture Report 2023, mega-rounds were a major trend in 2021, with 350+ happening per quarter. That number dropped to 78 in Q4’23, the lowest since 2017.
With the additional financing, Bilt has garnered $413 million since its June 2021 launch from Kairos, the startup studio helmed by founder and CEO Ankur Jain. Its rewards program began in April 2022.
Bilt stated in a written statement that its yearly member expenditure is “nearing $20 billion” and that it achieved EBITDA profitability in 2023.
The loyalty program and payment network were in over 2.5 million residential units when the business raised its last. Today, over 4 million units exist.
Paying rent monthly earns points and improves credit. Major airlines, hotels, travel, fitness classes, Amazon.com purchases, rent credit, and future down payments accept Bilt points.
Bilt aims to utilize the new funds to grow its Rewards Alliance, which collaborates with multifamily, single-family, and student housing providers nationally. It will also strengthen its Neighborhood Rewards program, which helps local retailers “connect and build loyalty” with new and existing residents. The company aims to grow into mortgage payment incentives.
Bilt’s Wells Fargo co-branded Mastercard may be used to pay rent and earn Bilt Points without transaction fees.
