Bilt Rewards, a startup focused on loyalty rewards, has successfully raised $200 million in a funding round led by General Catalyst, resulting in a valuation of $3.1 billion—more than double its previous valuation in 2022. Other participants in the funding round included Eldridge Industries, Left Lane Capital, Camber Creek, and Prosus Ventures. Based in New York, Bilt enables consumers to earn rewards on their rental payments and plans to use the funds to expand its network to encompass local dining, grocery stores, ridesharing, and other retail purchases. CEO Ankur Jain emphasized that Bilt is not just building a loyalty program but is creating a community-centric ecosystem benefiting renters and local businesses. The company reported an annualized member spend approaching $20 billion and achieved profitability on an EBITDA basis in the previous year. Notable appointments include Ken Chenault, former chairman and CEO of American Express, as chairman, and Roger Goodell, the NFL commissioner, as an independent director. Despite a slow year for loyalty startups in 2021, Bilt's impressive metrics have contributed to a significant increase in its valuation, with the latest funding round surpassing the $150 million Series B raised in October 2022. Since its founding in 2021, Bilt has raised a total of $413 million. The broader trend in 2022 shows a resurgence in interest and funding for loyalty startups, with the sector raising over half a billion dollars, fueled by substantial rounds like Bilt's Series B and Fetch's $240 million Series E based in Madison, Wisconsin.
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