February 26, 2024

Tokenization of Real-World Assets Anticipates Growth Amid Bilt Rewards’ Impressive Funding Round

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The tokenization of real-world assets is poised for substantial growth, with Outlier Ventures Research Lead Jasper De Maere shedding light on the transformative impact this technology is expected to have on various industries. This expansion into tokenizing sovereign bonds, bank-issued debt, and real estate on blockchain platforms is forecasted to create a substantial market, estimated to reach between $10 trillion to $15 trillion by the end of the decade, according to Outlier Ventures’ recent study titled “Tokenizing Real World Assets 2024 Thesis.”

De Maere emphasized the far-reaching implications of this technology across industries such as financial markets, manufacturing, healthcare, and infrastructure over the next decade. The advantages of tokenization highlighted include increased accessibility and liquidity for financial products, real estate, and art, coupled with improved transparency and security through blockchain features.

In a parallel development, Bilt Rewards, a platform designed to enable consumers to earn rewards on rent and daily neighborhood spending, has announced a successful funding round, raising $200 million at an impressive valuation of $3.1 billion. General Catalyst led the financing, which marks a significant valuation jump compared to the $150 million raised in October 2022. Eldridge and existing backers, including Left Lane Capital, Camber Creek, and Prosus Ventures, participated in this financing round.

Ken Chenault, Chairman and Managing Director of General Catalyst, is set to join Bilt’s board of directors as part of the new funding, along with NFL Commissioner Roger Goodell, who is joining as an independent director. The financing round is particularly noteworthy in an environment where mega-rounds, deals worth over $100 million, are becoming increasingly rare.

With the new capital infusion, Bilt has raised a total of $413 million since its launch in June 2021 out of Kairos, the startup studio led by Bilt founder and CEO Ankur Jain. The platform, which launched its rewards program in April 2022, has achieved EBITDA profitability in 2023, with an annualized member spend nearing $20 billion, according to a written statement from Bilt.

At the time of its last funding round, Bilt’s loyalty program and payment platform had been rolled out to more than 2.5 million apartment units. Today, this number has surged to nearly 4 million units, showcasing the platform’s significant adoption. Users can earn points and enhance their credit by merely paying rent each month, with Bilt’s points usable across various loyalty programs, including major airlines, hotels, travel, fitness classes, Amazon.com purchases, and as credit toward rent or a future down payment. The funding round’s success positions Bilt as a standout player in the proptech and rewards space, defying the trend of decreasing mega-rounds in recent times.

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