Bilt Rewards, whose platform aims to enable consumers to earn rewards for rent and daily neighborhood spends, has raised $200 million at a $3.1 valuation, the company announced today.
General Catalyst led the funding, which more than doubles the New York-based company’s valuation compared to Raise $150 million by October 2022. Eldridge and existing backers Left Lane Capital, Camber Creek and Prosus Ventures.
Ken Chenault, president and CEO of General Catalyst, joins of Bilt board as part of the new funding. Chenault is also the former chairman and CEO of American Express. NFL Commissioner Roger Goodell also joins the board as an independent director.
The growth and jump in valuation is impressive in an environment where large rounds (deals worth more than $100 million) are few and far between. CB Insights State of Business 2023 Report found that while mega-rounds “was a feature of 2021, with 350+ occurring every quarter…in 4Q23, that number fell to just 78 – the lowest since 2017.
With the new capital, Bilt has raised $413 million in total company funding released in June 2021 from Cairo, the startup studio led by Bilt founder and CEO Ankur Jain. It launched its rewards program in April 2022.
In a written statement, Bilt said its annual member spend is “approaching $20 billion” and the company achieved EBITDA profitability in 2023.
At the time of its last increase, The company’s rewards program and payment platform had been deployed to more than 2.5 million apartment units. Today, that number stands at nearly 4 million units.
Users can earn points and improve their credit just by paying rent each month. Bilt points can be used on a variety of rewards programs, including major airlines, hotels, travel, fitness classes, Amazon.com purchases, rental credit or a future down payment.
Bilt said it plans to use the new capital to expand its Rewards Alliance, which works with multifamily, single-family and student housing operators nationwide. It will also step up the Neighborhood Rewards program, which aims to help local merchants “connect and build loyalty” with new and existing residents in their community. The company also plans to expand into mortgage payment rewards.
Bilt also offers a co-branded Mastercard, issued by Wells Fargo, that can be used to pay rent and earn Bilt Points with no transaction fee.
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