Vanderbilt Endowment and University of Illinois
Foundation endowment also participate in the round alongside
existing investors
Bilt Rewards, the nation's largest loyalty program for the home
and neighborhood, today announced it has raised an additional $150
million in funding. The investment round was led by Teachers’
Venture Growth (TVG), the late-stage venture and growth investment
arm of Ontario Teachers' Pension Plan, with participation from
existing investors and new endowments including Vanderbilt
University Endowment and the University of Illinois Foundation.
This latest round comes just months after Bilt's $200 million raise
in January, which valued the company at $3.1 billion.
Continued Rapid Growth
Since the January announcement, Bilt has experienced remarkable
growth across multiple facets of its business. The company's
platform spend has surged to over $30 billion annually,
representing a 50% increase from January’s announcement. This
growth has been driven by the expansion of Bilt's resident loyalty
program, which has extended its reach to more apartment buildings,
including seven of the 10 largest multifamily managers, and has
ventured into the condominium and HOA market. Simultaneously, the
neighborhood loyalty program has seen significant expansion of
merchants, now encompassing over 21,000 restaurants and 3,500
fitness studios.
Building on Strong Foundations
The January funding round, led by General Catalyst and Eldridge,
brought significant additions to Bilt's leadership structure. Ken
Chenault, former American Express CEO, was appointed as company
chairman, while NFL Commissioner Roger Goodell joined as an
independent director. These additions have further strengthened
Bilt's strategic position in the market.
Ken Chenault, Chairman of Bilt & Chairman and Managing
Director at General Catalyst, commented on the company's
trajectory: "In January, we recognized Bilt's unique capture of
loyalty in the previously untapped rental payments space. Today,
Bilt is rapidly becoming the leading platform for driving
neighborhood commerce. By connecting residents, property owners,
and local businesses, we're creating a powerful ecosystem that
benefits all parties involved."
Expanding the Ecosystem
Bilt's resident loyalty program continues to evolve, helping
properties collect on-time rent payments, offer tailored benefits
to residents, and generate new revenue from local spend at partner
merchants. This addresses a critical need in the market, as rent
represents the single largest expense for most Americans.
Complementing this, the neighborhood loyalty program enables
merchants to drive more business from local customers and acquire
new customers as people move into the area. The platform
facilitates rewards when residents spend at partner merchants and
gives merchants the ability to run targeted benefits and campaigns,
creating a win-win situation for all participants.
Rick Prostko, Senior Managing Director at Teachers’ Venture
Growth, stated: “Bilt Rewards has created a unique loyalty program
to empower renters. We’ve seen the positive reaction from both
customers and all those involved as part of their ecosystem. We are
excited about the opportunity to work with Ankur and the full
management team and find ways to support them as a value-add
partner.”
Sebastien Silvestri, CEO of Daniel Boulud’s DineX restaurant
group, shared his enthusiasm: "I'm thrilled about Bilt's
neighborhood loyalty program. Local customers are the lifeblood of
our industry, and Bilt offers an incredibly unique way to connect
us with residents in our area. This program not only introduces our
restaurants to new local patrons but also helps us build lasting
loyalty. The ability to offer targeted benefits and seamless
payment options through Bilt's platform is revolutionizing how we
engage with our community. It's not just a rewards program; it's a
powerful tool for fostering strong, lasting relationships between
restaurants and the neighborhoods we serve."
Sam Bakhshandehpour, CEO of the Jose Andres Group, also
expressed his excitement for Bilt's program: "In our business, 80%
of our customers are local, and so we’ve been very excited about
Bilt's neighborhood loyalty program as an innovative way to connect
with residents right in our backyard. It's not just about rewards;
it's about creating a dynamic, ongoing relationship with the
community. This program helps us welcome new neighbors, enhance the
dining experience for regulars, and adapt our offerings based on
local preferences. It's an exciting new frontier in
restaurant-community engagement that we're thrilled to be part
of."
Looking Ahead
Bilt Rewards continues to scale its resident loyalty program,
now partnering with seven of the 10 largest multifamily owners in
the country. The company is expanding to single-family homes and
condominiums, with plans to include mortgage payments later this
year, and will be using the new capital to further expand its
neighborhood loyalty program with merchants across the country.
Ankur Jain, CEO of Bilt Rewards, commented: "This funding
accelerates our vision of rewarding Americans for how they live and
spend in their communities. We're rapidly growing our neighborhood
loyalty program, expanding into essential categories like
healthcare, gas, and groceries. With members in all 50 states,
we're building a comprehensive platform that benefits residents,
property owners, and local businesses across the country."
For more information about Bilt Rewards, visit
www.biltrewards.com.
About Bilt Rewards
Bilt Rewards is the first program for consumers to earn rewards
on rent and daily neighborhood spend.
Through a partnership with the country's largest owners and
operators including Greystar, Asset Living, AvalonBay, Equity
Residential, Related Companies, GID, Starwood, Cushman &
Wakefield, Bozzuto, Camden, Brookfield, Berkshire Residential, ZRS,
Highmark, Beztak, Trammell Crow, PGIM and more, Bilt Rewards
enables renters in more than four million units across the country
to earn Bilt Points just by paying rent, while these owners benefit
from increased resident loyalty and cost savings.
Bilt Rewards boasts one of the highest value rewards programs on
the market today, including one-to-one point transfers to 18
loyalty programs allowing members to travel across over 100 major
airlines and hotel partners. Members can also book travel through
the Bilt Travel Portal powered by Expedia; book fitness classes at
the country's top boutique studios including SoulCycle, Rumble and
Y7; shop limited-edition and exclusive collections of art and home
decor through the Bilt Collection; shop on Amazon.com; and redeem
Bilt Points for credits towards rent or even towards a down payment
on a future home. For more information on Bilt Rewards, visit
BiltRewards.com.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240802957679/en/
Sean Walsh Chief Communications Officer
swalsh@biltrewards.com
Regina Graham Director of Communications & PR
Regina@biltrewards.com