Ontario teachers' pension backs Bilt, now valued at US$3.25 billion
Bilt Rewards, the customer-loyalty program provider that converts rental payments into points for airline miles, hotel stays, restaurant meals and other perks, has raised US$150 million in additional equity funding led byOntario Teachers’ Pension Plan.
Vanderbilt University Endowment, the University of Illinois Foundation and existing investors also participated in the extension to a January funding round, lifting Bilt’s valuation to US$3.25 billion from US$3.1 billion.
OTPP, the Canadian pension fund, owns Willow Bridge Property Co., and expressed interest in backing Bilt after witnessing the growth of both its resident and neighbourhood loyalty programs, Bilt chief executive Ankur Jain said Thursday in an interview.
“We’re building a differentiated platform that benefits residents, landlords, and local businesses,” he said. Through the extension, he added, Bilt can raise another US$50 million from strategic investors, subject to board approval.
Jain said the New York-based startup, which was profitable based on its earnings before interest, taxes, depreciation and amortization in 2023, is set to remain profitable in 2024, though he declined to provide specifics. Bilt has more than US$400 million in cash and no debt on its balance sheet, he added.
The startup plans to add verticals such as health care, groceries and gas to its neighbourhood merchant network, which has grown to over 21,000 restaurants from about 2,500 seven months ago, and 3,500 fitness studios from about 100 in January, Jain said.
Jain said members in all 50 U.S. states are spending US$30 billion on its platform annually, a 50 per cent jump from the US$20 billion figure Bloomberg News reported at the start of the year.
“We’ve seen the positive reaction
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