Bilt Rewards, a loyalty rewards startup, raised a $200 million round led by General Catalyst at a $3.1 billion valuation — more than double the number after its last fundraising in 2022.

The round also included participation from Eldridge Industries, Left Lane Capital, Camber Creek and Prosus Ventures.

The New York-based startup allows consumers to earn rewards on the rent they pay. Bilt plans to use some of the proceeds to expand its network to include local dining, grocery stores, ridesharing and other retail purchases.

“We’re not just building a loyalty program; we’re creating a community-centric ecosystem that benefits everyone from renters to local businesses,” said founder and CEO Ankur Jain.

The company also appointed some big names to roles in the company. Bilt named Ken Chenault, former chairman and CEO of American Express, as its chairman, and Roger Goodell, the commissioner of the NFL, as an independent director.

Big money

The company reported its annualized member spend is nearing $20 billion. It also became profitable on an earnings before interest, taxes, depreciation and amortization basis last year.

Those metrics must have impressed investors, as Bilt has seen its valuation shoot up after raising a $150 million Series B at a pre-money valuation of $1.4 billion in October 2022. Founded in 2021, the company has raised a total of $413 million, per Crunchbase.

Last year was a slow go for loyalty startups. Such companies raised only $74 million, per Crunchbase data. However in 2022, loyalty startups raised more than a half-billion dollars thanks to big raises that included Bilt’s Series B and Madison, Wisconsin-based Fetch’s $240 million Series E.

With this fundraise, things are looking up for loyalty startups again.

Related Crunchbase Pro query:

• Rounds Raised By Loyalty Reward Startups

Illustration: Dom Guzman