Total amount raised
$563.3 Millions
Latest funding date
Location
Title
Bilt Rewards has successfully raised $150 million over multiple funding rounds, achieving a valuation of $1.5 billion. The platform offers a unique rewards program that allows renters to earn points on rent and create a path towards homeownership.
Keep reading to explore the intricacies of Bilt Rewards' fundraising journey and the investors backing this innovative platform.
What Is Bilt Rewards?
Bilt Rewards, founded in June 2021 by Ankur Jain, is headquartered in New York, New York. The company offers a unique rewards program that allows renters to earn points on rent payments, paving the way towards homeownership.
With a team of 101-250 employees, Bilt Rewards has formed alliances with major real estate owners across the U.S., enabling renters in over two million units to benefit from their program. The platform also offers a credit card, the Bilt World Elite Mastercard, which allows rent payments without fees.
In addition to rent-related rewards, Bilt Rewards provides various benefits, including travel perks, fitness rewards, and homeownership credits. For more information, visit their official website or their Crunchbase profile.
How Much Funding Has Bilt Rewards Raised?
- Pre-Seed Round
- Amount Raised: $300K
- Date: February 2019
- Lead Investors: Kairos HQ
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop the initial concept and technology for the rewards platform.
- Seed Round
- Amount Raised: $3M
- Date: September 2020
- Lead Investors: Kairos HQ
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the team and build out the platform's core features.
- Venture Round
- Amount Raised: $60M
- Date: September 2021
- Lead Investors: Kairos HQ
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To launch the Bilt Rewards program and form partnerships with real estate owners.
- Series B
- Amount Raised: $150M
- Date: October 2022
- Lead Investors: Left Lane Capital
- Valuation at Round: $1.5 billion
- Motivation Behind the Round: To advance its loyalty program and credit card for renters.
- Venture Round
- Amount Raised: $200M
- Date: January 2024
- Lead Investors: General Catalyst
- Valuation at Round: $3.1 billion
- Motivation Behind the Round: To strengthen Bilt's leadership structure and strategic position in the market.
- Venture Round
- Amount Raised: $150M
- Date: August 2024
- Lead Investors: Teachers’ Venture Growth
- Valuation at Round: $3.2 billion
- Motivation Behind the Round: To further expand Bilt's neighborhood loyalty program and scale its resident loyalty program.
Total Amount Raised: $563.3 million. Current Valuation: $3.2 billion.
Key Investors
- Teachers’ Venture Growth (TVG)
- Details: TVG is the late-stage venture and growth investment arm of Ontario Teachers' Pension Plan. It focuses on high-growth companies with the potential for significant impact.
- Investment Focus Areas: Late-stage venture, growth investments.
- Notable Investments: SpaceX, Epic Games, Bilt Rewards.
- General Catalyst
- Details: General Catalyst is a venture capital firm that invests in transformative companies across various sectors. It is known for its strategic support and long-term partnership approach.
- Investment Focus Areas: Technology, healthcare, consumer, financial services.
- Notable Investments: Airbnb, Stripe, Snap Inc.
- Eldridge
- Details: Eldridge is a holding company that invests in a diverse range of industries, including technology, media, and real estate. It aims to build and grow enduring businesses.
- Investment Focus Areas: Technology, media, real estate, insurance.
- Notable Investments: DraftKings, Security Benefit, Cain International.
- Vanderbilt University Endowment
- Details: The endowment fund of Vanderbilt University supports the institution's mission and operations through diversified investments. It aims to ensure long-term financial health and sustainability.
- Investment Focus Areas: Diversified portfolio, long-term growth, sustainability.
- Notable Investments: Various diversified assets supporting the university's mission.
- University of Illinois Foundation
- Details: The fundraising and private gift management arm of the University of Illinois. It focuses on supporting the university's educational, research, and public service missions.
- Investment Focus Areas: Diversified portfolio, long-term growth, sustainability.
- Notable Investments: Various diversified assets supporting the university's mission.
What's Next for Bilt Rewards?
As Bilt Rewards continues to grow, the opportunities ahead are vast. The platform's expansion into single-family homes and condominiums, along with the inclusion of mortgage payments, presents a significant market. The neighborhood loyalty program, already boasting over 21,000 restaurants and 3,500 fitness studios, is set to grow further, potentially encompassing essential categories like healthcare, gas, and groceries.
Future fundraising efforts will likely be necessary to support this ambitious expansion. With a current valuation of $3.2 billion, Bilt Rewards is well-positioned to attract additional investments. However, challenges such as integrating new sectors and maintaining a seamless user experience will be critical to navigate. The competitive landscape of loyalty programs also demands continuous innovation to stay ahead.
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