Bilt Rewards, whose platform goals to permit shoppers to earn rewards on lease and day by day neighborhood spend, has raised $200 million at a $3.1 valuation, the corporate introduced at present.
Common Catalyst led the financing, which greater than doubles the New York-based firm’s valuation in comparison with its $150 million October 2022 increase. Eldridge and present backers Left Lane Capital, Camber Creek and Prosus Ventures.
Ken Chenault, chairman and managing director of Common Catalyst, is becoming a member of Bilt’s board of administrators as a part of the brand new funding. Chenault can be former chairman and CEO of American Categorical. NFL Commissioner Roger Goodell can be becoming a member of the board as an unbiased director.
The increase and valuation leap are spectacular in an atmosphere had been mega-rounds (offers value over $100 million) are few and much between. CB Insights’ State of Enterprise Report 2023 discovered that whereas mega-rounds “were a hallmark of 2021, with 350+ occurring each quarter…in Q4’23, that figure fell to just 78 — the lowest level since 2017.”
With the brand new capital, Bilt has raised $413 million in complete funding for the reason that firm launched in June 2021 out of Kairos, the startup studio led by Bilt founder and CEO Ankur Jain. It launched its rewards program in April of 2022.
In a written assertion, Bilt mentioned its annualized member spend is “nearing $20 billion” and the corporate achieved EBITDA profitability in 2023.
On the time of its final increase, the corporate’s loyalty program and fee platform had been rolled out to greater than 2.5 million condominium items. Right now that quantity is as much as practically 4 million items.
Customers can earn factors and enhance their credit score by merely paying lease every month. Bilt’s factors can be utilized in quite a lot of loyalty packages, together with main airways, resorts, journey, health lessons, Amazon.com purchases, credit score towards lease or a future down fee.
Bilt mentioned it plans to make use of the brand new capital towards increasing its Rewards Alliance, which companions with multifamily, single-family, and scholar housing operators nationwide. It’s going to additionally go in the direction of bolstering its Neighborhood Rewards program, which goals to assist native retailers “connect and build loyalty” with new and present residents of their neighborhood. The corporate additionally plans to increase into mortgage fee rewards.
Bilt additionally presents a co-branded Mastercard, issued by Wells Fargo, that can be utilized to pay lease and earn Bilt Factors with no transaction charges.
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