Participated · Equity · Oct 2022

Bilt operates a payments and neighborhood commerce platform that lets members earn rewards on rent, HOA fees, mortgage payments, and everyday neighborhood spending. The company has grown from a card business into a full loyalty ecosystem partnered with property managers and more than 40,000 merchants. Its Bilt Alliance covers more than 4.5 million homes, has signed roughly 1-in-4 apartment buildings nationwide, and works with 70% of the nation’s top 100 property managers. More than 85% of members use Bilt’s platform without the Bilt card, and the company processes payments across ACH, debit and credit rails. Bilt expects to cross $1 billion in revenue by Q1 2026, to process over $100 billion in housing spend by year-end, and to drive over $10 billion annually to neighborhood merchants. The platform includes an AI-powered neighborhood concierge, a marketplace to drive local commerce, and value-added services for property managers. Bilt Rewards operates a resident loyalty program and a neighborhood loyalty program that let renters earn points on rent and local spending and allow merchants to run targeted campaigns. The platform partners with large multifamily owners and operators and covers renters in more than four million units, with members in all 50 states. Bilt offers one-to-one point transfers to 18 loyalty programs, a travel portal, fitness bookings, an online collection of goods, and redemptions that include rent credits and down-payment assistance. The company is expanding beyond apartments into condominiums, single-family homes and plans to include mortgage payments later this year, while growing into categories like healthcare, gas, and groceries. Operational metrics cited in the articles include platform spend of over $30 billion annually (a 50% increase since January), more than 21,000 restaurant partners and 3,500 fitness studios, and partnerships with seven of the 10 largest multifamily managers. Bilt says it will use new capital to further scale its neighborhood loyalty program and merchant relationships across the country. Bilt Rewards operates a loyalty and payments platform that enables members to earn points and build credit when they pay rent and spend at local merchants. Points can be redeemed across airlines, hotels, travel, fitness classes, Amazon purchases, rent credit or toward a future down payment. The company also issues a co-branded Mastercard through Wells Fargo with no transaction fees for rent payments. Bilt reports annualized member spend nearing $20 billion and says it achieved EBITDA profitability in 2023. Its loyalty program has expanded from more than 2.5 million apartment units at the time of its last raise to nearly 4 million units today. Bilt plans to use new capital to grow its Rewards Alliance with multifamily, single-family, and student housing operators, bolster its Neighborhood Rewards program for local merchants, and expand into mortgage payment rewards. Bilt Rewards works with large multifamily owners and operators to offer a loyalty program and co-branded credit card that allow renters to earn points and improve credit via monthly rent payments. The platform has been rolled out to more than 2.5 million apartment units and has over half a million customers across its loyalty program and credit card. Bilt reports processing over $3.5 billion in annualized rent payments and over $1.6 billion in annualized card spend, with both figures rising significantly in the last 90 days. Launched in June 2021 out of the Kairos startup studio by founder and CEO Ankur Jain, the company has raised about $213 million in total funding to date. Bilt recently launched Bilt Homes, a tool that shows members homes they could buy for the same monthly payment as rent using real-time rates and personal data, and continues to offer free rent reporting to help boost credit. The company said it reached profitability earlier this year and plans to keep much of the new capital in reserves while focusing on core commercial partnerships and longer-term opportunities including a possible IPO or acquisitions. Bilt Rewards operates a loyalty program that lets renters earn points on rent payments with no fees and via a co-branded Bilt Mastercard. The company launched in June out of the Kairos startup studio and has rolled out across over 2 million rental units, addressing roughly 109 million U.S. renters. Members can earn up to 50,000 points on rent per year, accrue unlimited points on the card, and benefit from a 0-1-2-3 points structure (1x rent, 2x travel, 3x dining, 1x other purchases) with no annual fee. Bilt worked with regulators, Fannie Mae and HUD to allow points to be applied toward a mortgage and offers rent-reporting to credit bureaus and a concierge for members redeeming points toward home down payments. The company reports about 20% enrollment among residents in participating properties and has added new member benefits including interest paid as points and bonus points for new leases and renewals. Bilt says it will use the new funding to expand its real estate and loyalty partner network, grow distribution channels and make its credit-card product more widely available while positioning to eventually become a mortgage provider.

Participated · Series E · Jun 2018

Opendoor operates a platform that buys homes, uses data modeling to price and resell them, and offers a home-buying marketplace to consumers. The company focuses on improving pricing accuracy and shortening the time homes are held on its books. It reported that average time a home is held fell to 90 days from 140 in 2015, and more than 800,000 people toured Opendoor homes in 2018. Product plans include further refining pricing algorithms, faster conversion of sellers and buyers, and integrating mortgage tools, title and escrow, and contractor/service-provider estimates. Opendoor says it will concentrate on the private home-buying experience rather than expanding into other asset classes. The company will use new capital for product development and continued expansion into more North American markets. Opendoor operates an online marketplace that gives sellers an online offer within 24 hours and enables buyers to visit, shop, and purchase homes seven days a week via mobile. The company also offers a trade-in product that combines selling and buying into one seamless transaction. Since its founding in 2014 it has expanded to 19 cities, served more than 20,000 customers, and grown to over 900 employees while targeting 50 markets by 2020. Opendoor reports an annualized acquisition run rate of $3.8B, has reduced average seller fees to 6.5%, and says one in two true sellers who receive an offer choose to sell to Opendoor. Planned product work includes building a one-click platform that integrates title and mortgage, expanding market-level pricing models across 50+ cities, and developing applications to support local vendor ecosystems. The company will use new capital to accelerate technology initiatives, product launches, and market expansion. Opendoor operates an online marketplace that enables homeowners to receive instant offers and buyers to shop and purchase homes on-demand. The company purchases more than $2.5B in homes on an annual run rate and has seen adoption grow over 225% year‑on‑year, with more than one in two sellers who receive an offer choosing Opendoor. Opendoor has been used by nearly 20,000 customers and currently operates in ten cities with 650 employees. Founded in 2014 and headquartered in San Francisco, the company is expanding its services to include mortgage and title to create a single end-to-end experience. Opendoor plans to grow from 10 markets to 50 markets by the end of 2020 as part of its next phase of expansion. Opendoor operates a technology platform that enables homeowners to sell a home online in minutes and aims to streamline what is traditionally a months-long closing process. Led by CEO Eric Wu, the company focuses on reducing friction in residential real estate transactions through digital tools and services. Opendoor plans to use the new proceeds to continue expanding its operations and distribution. The company is partnering with homebuilder Lennar to tackle inefficiencies in buying and selling homes and to integrate digital distribution for mortgages, title and home insurance. Through Lennar’s Trade-Up Program, Opendoor expects a new channel to access customers, broadening its scope and scale. The company completed a $135M financing composed of equity and debt as part of its Series D. OpenDoor operates a marketplace in which it purchases homes directly from sellers, holds inventory, and then resells those properties. The company uses predictive analytics to project resale values and offers sellers an instant valuation; once accepted, OpenDoor pays for the home and attempts to flip it for a profit. Buyers get self-guided property tours enabled by smart locks and security cameras, a 180-point inspection, a warranty and a 30-day money-back guarantee. With the new capital the startup plans to expand its marketplace usage to 10 cities. OpenDoor currently employs about 200 people servicing the Dallas–Fort Worth and Phoenix markets, which together account for roughly $60 million in transaction volume per month. Norwest disclosed that OpenDoor carries “hundreds of millions” of dollars of debt that it uses to purchase properties, a financing approach the article highlights as potentially risky in an economic downturn.