Bilt Rewards, a loyalty platform specializing in rent and neighborhood rewards, has secured a $200 million equity investment in a funding round led by General Catalyst, with contributions from Eldridge, Left Lane Capital, Camber Creek, and Prosus Ventures. The investment values Bilt Rewards at $3.1 billion.
The platform allows consumers to earn rewards on their rent payments and has expanded its offering to include the Neighborhood Rewards program, which rewards members for spending in their local community. The funds will be used to further expand the Bilt Rewards Alliance and enhance the Neighborhood Rewards program.
Ken Chenault, chairman and managing director of General Catalyst, will join Bilt as chairman of the Board, and Roger Goodell, commissioner of the NFL, will serve as an independent director on the board. “Rental and mortgage payments consume 30% of household income on average in the U.S. Bilt is transforming this market by empowering and rewarding renters and homeowners for their monthly payments and everyday spend with local merchants,” said Chenault.
Emily Fu is Content Director of Connect Commercial Real Estate, where she covers the east coast markets, including New York, Boston & New England, and DC & Mid-Atlantic markets. She produces daily news stories as well as longer-form content, ranging from Q&As to thought-leadership pieces. She also writes feature stories for Connect Money.
With previous stints at Reuters, Seeking Alpha, and Commercial Observer, Emily has covered the finance side of the commercial real estate industry, technology, media, telecom (TMT), and fashion. She attended the Columbia Graduate School of Journalism and currently resides in Manhattan.