“General Catalyst Founds $200M Investment in Bilt Rewards, Boosting Valuation to Impressive $3.1B”

Bilt Rewards, whose platform aims to allow consumers to earn rewards on rent and daily neighborhood spend, has raised $200 million at a $3.1 valuation, the company announced today. General Catalyst led the financing, which more than doubles the New York-based company’s valuation compared to its $150 million October 2022 raise. Ken Chenault, chairman and managing director of General Catalyst, is joining Bilt’s board of directors as part of the new funding. It launched its rewards program in April of 2022. Bilt also offers a co-branded Mastercard, issued by Wells Fargo, that can be used to pay rent and earn Bilt Points with no transaction fees.

Bilt Rewards is setting out to revolutionize the way consumers earn rewards on everyday spending, such as rent and neighborhood expenses. The company has just announced that it has raised an impressive $200 million at a valuation of $3.1 billion. General Catalyst led the funding, marking a significant increase in Bilt’s valuation since its previous raise of $150 million in October 2022. Joining General Catalyst’s board of directors through this new investment is Ken Chenault, former chairman and CEO of American Express. The NFL Commissioner, Roger Goodell, is also becoming an independent director on Bilt’s board.

Standing out in an environment where mega-rounds (deals worth over $100 million) are rare, Bilt’s recent raise and valuation jump are certainly noteworthy. According to CB Insights’ State of Venture Report 2023, mega-rounds were a defining feature of 2021, with over 350 occurring each quarter. However, this number declined to just 78 in Q4’23, reaching its lowest level since 2017.

Since its launch in June 2021 through Kairos, the startup studio led by Bilt founder and CEO Ankur Jain, Bilt has raised a total of $413 million in funding. The company’s loyalty program launched in April 2022 has already seen impressive figures, with an annualized member spend nearing $20 billion and achieving EBITDA profitability in 2023.

Bilt’s reach has also expanded significantly, with its loyalty program and payment platform now available in over 4 million apartment units from its previous 2.5 million at the time of its last raise. The company has certainly made earning rewards easier, allowing users to simply pay their rent each month and earn points towards a variety of loyalty programs, including major airlines, hotels, travel, fitness classes, Amazon.com purchases, or even credit towards rent or a future down payment.

Looking ahead, Bilt plans to use the new funding to expand its Rewards Alliance, which partners with multifamily, single-family, and student housing operators nationwide. It also plans to strengthen its Neighborhood Rewards program, which helps local merchants connect and build loyalty with new and existing residents in their community. Additionally, Bilt is expanding into mortgage payment rewards and also offers a co-branded Mastercard, issued by Wells Fargo, with no transaction fees for paying rent and earning Bilt Points.

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