Bilt Nabs $3.1 Billion Valuation, Ken Chenault Joins as Chairman
- General Catalyst, Eldridge invest in $200 million equity round
- Startup wants to add neighborhood merchants to rewards program
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Bilt Rewards raised equity in a transaction that more than doubles the startup’s valuation to $3.1 billion as consumers continue to flock to its loyalty program, which converts rental payments to points that can be used for air miles and other rewards.
Bilt raised $200 million in the round, which was led by the venture capital firm General Catalyst and included participation from Todd Boehly’s Eldridge and existing investors Left Lane Capital, Camber Creek and Prosus Ventures. Ken Chenault, the chairman of General Catalyst and the former chief executive officer of American Express Co., will join Bilt as chairman, according to Bilt’s CEO Ankur Jain.