Priya patelTLDR: Loyalty startup Bilt Rewards has raised $200 million in a funding round led by General Catalyst, bringing its valuation to $3.1 billion. The New York-based startup allows consumers to earn rewards on rent payments and plans to expand its network to include local dining, grocery stores, ridesharing, and other retail purchases. Bilt also announced the appointment of Ken Chenault, former chairman and CEO of American Express, as chairman, and Roger Goodell, the commissioner of the NFL, as an independent director. The company reported annualized member spend of nearly $20 billion and achieved profitability on an EBITDA basis in the previous year.
The latest funding round comes after a slow year for loyalty startups in 2021, with only $74 million raised. However, 2022 saw a resurgence in loyalty startups, raising over $500 million, primarily driven by large funding rounds from Bilt and Madison, Wisconsin-based Fetch. With this new round of funding, the future looks promising for loyalty startups.
