NEW YORK--(BUSINESS WIRE)--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.
