Neighborhood loyalty platform Bilt Rewards has lifted its valuation to $3.25 billion on the back of a $150 million funding round.
The investment round was led by Teachers’ Venture Growth (TVG), the late-stage venture and growth investment arm of Ontario Teachers' Pension Plan, with participation from existing investors and new endowments including Vanderbilt University Endowment and the University of Illinois Foundation.
This latest round comes just months after Bilt's $200 million raise in January, which valued the company at $3.1 billion.
Since the January announcement, the company's platform spend has surged to over $30 billion annually, representing a 50% increase from January’s announcement.
Launched in April 2022, Bilt began as the first platform enabling US consumers to earn valuable rewards on their largest monthly expenditure - rent. The platform enables rewards at any residential rental property in the United States.
Over the past year, Bilt has embarked on a strategic expansion through its Neighborhood Rewards programme, rewarding members for spending in their local community, including dining, rideshare services, and grocery purchases. it now encompasses over 21,000 restaurants and 3,500 futness studios.
The company is expanding to single-family homes and condominiums, with plans to include mortgage payments later this year, and will be using the new capital to further expand its neighborhood loyalty programme with merchants across the country.
Ankur Jain, CEO of Bilt Rewards, comments: "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."