Neighborhood loyalty platform Bilt Rewards has increased its valuation to $3.25 billion following a $150 million funding round.
The investment was led by Teachers’ Venture Growth (TVG), the late-stage venture and growth investment arm of Ontario Teachers’ Pension Plan, with contributions from existing investors and new endowments such as the Vanderbilt University Endowment and the University of Illinois Foundation.
This funding round comes just a few months after Bilt’s $200 million raise in January, which had placed the company’s valuation at $3.1 billion. Since then, Bilt’s platform spending has surged to over $30 billion annually, marking a 50% increase from the previous announcement.
Launched in April 2022, Bilt was the first platform allowing US consumers to earn valuable rewards on their largest monthly expense—rent. The platform facilitates rewards at any residential rental property across the United States.
In the past year, Bilt has pursued strategic growth through its Neighborhood Rewards program, incentivizing members for spending within their local communities, including dining, ridesharing services, and grocery purchases. The program now includes over 21,000 restaurants and 3,500 fitness studios.
The company is also expanding its reach to single-family homes and condominiums, with plans to incorporate mortgage payments later this year. The new capital will help further enhance its neighborhood loyalty program with merchants nationwide.
Ankur Jain, CEO of Bilt Rewards, stated: “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.”