bilt Rewards, the largest loyalty program focused on home and neighborhood spending in the U.S., has announced a $150 million funding boost. This investment round, spearheaded by Teachers’ Venture Growth (TVG) from the Ontario Teachers’ Pension Plan, includes contributions from existing investors as well as new backers such as the Vanderbilt University Endowment and the University of Illinois Foundation. This follows Bilt’s $200 million funding round in January, which valued the company at $3.1 billion.
Continued Rapid Growth
Since the January funding, Bilt has seen substantial growth. Annual platform spend has soared to over $30 billion, a 50% increase from the earlier figure. Bilt’s resident loyalty program now reaches more apartment buildings, including seven of the ten largest multifamily managers, and has expanded into condominiums and HOAs. Additionally, its neighborhood loyalty program has grown to include over 21,000 restaurants and 3,500 fitness studios.
Strengthening Foundations
The January funding round, led by General Catalyst and Eldridge, bolstered Bilt’s leadership with notable additions such as Ken Chenault, former CEO of American Express, as Chairman, and NFL Commissioner Roger Goodell as an independent director. These additions have further enhanced Bilt’s strategic market position.
Ken Chenault, Chairman of Bilt and Managing Director at General Catalyst, praised the company’s progress: “In January, we recognized Bilt’s unique approach to loyalty in the rental payment space. Today, Bilt is becoming a leading platform for neighborhood commerce by connecting residents, property owners, and local businesses to create a beneficial ecosystem for all.”
Expanding the Ecosystem
Bilt’s resident loyalty program helps properties manage rent payments and offer tailored benefits, while the neighborhood loyalty program supports merchants in driving local business and acquiring new customers. This dual approach facilitates rewards for residents and enables merchants to run targeted campaigns, benefiting all parties involved.
Rick Prostko, Senior Managing Director at Teachers’ Venture Growth, expressed enthusiasm: “Bilt Rewards has created a distinctive loyalty program for renters, and we are excited to support them as a value-add partner. Their ecosystem is already showing positive reactions from customers and partners.”
Sebastien Silvestri, CEO of DineX, praised the neighborhood loyalty program for connecting restaurants with local patrons, while Sam Bakhshandehpour, CEO of the Jose Andres Group, highlighted its role in fostering ongoing relationships with the community.
Looking Ahead
Bilt Rewards plans to further scale its resident loyalty program, now collaborating with seven of the ten largest multifamily owners in the country. The company aims to expand into single-family homes and condominiums and to include mortgage payments later this year. The new funding will support the expansion of the neighborhood loyalty program nationwide.
Ankur Jain, CEO of Bilt Rewards, commented: “This new funding accelerates our vision of rewarding Americans for their living and spending patterns within their communities. We are growing our neighborhood loyalty program and expanding into essential categories like healthcare, gas, and groceries, building a comprehensive platform that benefits residents, property owners, and local businesses across the country.”
For more details about Bilt Rewards, visit www.biltrewards.com.
About Bilt Rewards
Bilt Rewards offers the first program where consumers can earn rewards on rent and everyday neighborhood spending. Partnering with major property owners and operators, Bilt Rewards allows renters to earn points just by paying rent. The program features high-value rewards, including point transfers to 18 loyalty programs, travel bookings through the Bilt Travel Portal, fitness classes, and more. For additional information, visit BiltRewards.com.
