Bilt Rewards, which is the nation’s largest loyalty program for the home and neighborhood, announced it has raised an additional $150 million in funding. This funding round was led by Teachers’ Venture Growth (TVG) – which is 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 round of funding comes just a few months after Bilt’s $200 million raise in January, valuing the company at $3.1 billion.
Since the announcement in January, Bilt saw rapid growth across multiple facets of its business. And the company’s platform spend has surged to over $30 billion annually, a 50% increase from January’s announcement. This growth was largely driven by the expansion of Bilt’s resident loyalty program, extending its reach to more apartment buildings, including seven of the 10 largest multifamily managers, while also venturing into the condominium and HOA market. At the same time, the neighborhood loyalty program has seen significant expansion of merchants, now including over 21,000 restaurants and 3,500 fitness studios.
The funding round in January was led by General Catalyst and Eldridge and it brought significant additions to Bilt’s leadership structure. Ken Chenault, former American Express CEO, was also appointed as company chairman and NFL Commissioner Roger Goodell joined as an independent director. These additions further strengthened Bilt’s strategic position in the market.
Bilt’s resident loyalty program also continues to evolve, which helps properties collect on-time rent payments, offer tailored benefits to residents, and generate new revenue from local spend at partner merchants. And this addresses a critical need in the market, as rent represents the single largest expense for most Americans.
The neighborhood loyalty program also enables merchants to drive more business from local customers and acquire new customers as people move into the area. And 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.
Bilt Rewards also continues to scale its resident loyalty program, now partnering with 7 of the 10 largest multifamily owners in the country. And 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.
KEY QUOTES:
“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.”
- Ken Chenault, Chairman of Bilt & Chairman and Managing Director at General Catalyst
“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.”
- Rick Prostko, Senior Managing Director at Teachers’ Venture Growth
“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.”
- Sebastien Silvestri, CEO of Daniel Boulud’s DineX restaurant group
“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.”
- Sam Bakhshandehpour, CEO of the Jose Andres Group
“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.”
- Ankur Jain, CEO of Bilt Rewards
