Bilt Rewards Secures $150M to Fuel Neighborhood Commerce Expansion

Author

Slice of Real Estate Team
August 08, 2024

Key Highlights:

  • Raised $150 million led by Teachers’ Venture Growth (TVG).

  • Significant growth: Platform spend surged to over $30 billion annually.

  • Expanded partnerships: Now includes seven of the 10 largest multifamily managers.

  • Enhanced neighborhood program: Over 21,000 restaurants and 3,500 fitness studios onboard.

  • Strategic leadership: Ken Chenault and Roger Goodell strengthen market position.

Source (Business Wire)

Notable Quotes:

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“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 and Managing Director at General Catalyst
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“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
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"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."

Sebastien Silvestri, Chief Executive Officer at The Dinex Group - Chef Daniel Boulud

Our Take:

Bilt Rewards' latest $150 million funding round, led by TVG, underscores the platform's significant market traction and potential. The rapid increase in platform spend to over $30 billion annually and the expansion into more multifamily managers and local businesses demonstrate Bilt's growing influence in the neighborhood commerce space. By strategically strengthening its leadership with prominent figures like Ken Chenault and Roger Goodell, Bilt is well-positioned to leverage its ecosystem, benefiting residents, property owners, and merchants alike. The continued expansion into single-family homes, condominiums, and the potential inclusion of mortgage payments highlight Bilt's commitment to evolving and addressing critical market needs.