Bilt Rewards Secures $150M in Funding Round
A loyalty program for rentals and neighborhoods, Bilt Rewards, raised an impressive $150M in funding to add to previous funding rounds. The Teachers’ Venture Growth (TVG) led the latest investment round. TVG is the investment arm of the Ontario Teachers’ Pension Plan. Vanderbilt University Endowment, the University of Illinois Foundation, and other existing investors also participated in the round, which came on the heels of Bilt’s $200M raised in January, which positioned the company’s value at $3.1B.
Bilt Rewards CEO Ankur Jain stated, “This funding accelerates our vision of rewarding Americans for how they live and spend in their communities. We’re rapidly growing our neighborhood loyalty program, expanding into essential categories like healthcare, gas, and groceries. With members in all 50 states, we’re building a comprehensive platform that benefits residents, property owners, and local businesses across the country.”
Since January, Bilt has seen significant growth across its platform and business, with annual spending surging to more than $30 billion—a 50% increase. The resident loyalty program has expanded to include more apartment buildings, including seven of the 10 largest multifamily managers, and has now entered the condominium and HOA market. Additionally, Bilt’s neighborhood loyalty program has grown to include more than 21,000 restaurants and 3,500 fitness studios, expanding its ecosystem that connects residents, property owners, and local businesses.
Learn more about Bilt Rewards’ perks here.
Jacksons Food Stores Announces Partnerships and Rewards Program Overhaul
Jacksons Food Stores is collaborating with Bounteous x Accolite and PAR Retail to introduce an innovative customer experience platform with web integrations and next-generation mobile apps. The new platform is designed to enhance the customer experience. Jacksons is also unveiling a refreshed rewards system as part of the rollout to offer more personalized incentives for customers. The loyalty platform, designed by PAR Retail, is a revamping of Jacksons’ Let’s Go rewards program in which a customer earns 10 “stars” for every $1 spent that can then be used toward available rewards of free items. Through technological enhancements, Jacksons can offer better rewards that are more appealing to guests.
“Jacksons appeal in the market comes from its commitment to being a trusted source for the fuel, food, and convenience items that power the lives of our guests,” said Cory Jackson, Jacksons’ President. “Engaging our guests with a rewards program and digital experience that meets them where they are is crucial to maintaining our end of the relationship. It also happens to put us on the leading edge of industry technology.”
The new website and app platform are integrated into the refreshed rewards program as well as existing digital services, such as Instacart, LexisNexis, and P97. It was built on a hybrid native app framework using Ionic Capacitor. Customers can download the app on Android, iOS, or on Jacksons’ website. New Let’s Go members will be rewarded 500 bonus stars upon signing up.
Learn more about the Let’s Go Rewards program here.
Nike Expands Loyalty Program Partnership with JD Sports in the U.S.
According to a recent press release, Nike is expanding its global connected rewards program partnership with JD Sports, making the Manchester, England-based sports apparel retailer the first to team up with Nike in the United States. The collaboration between the two began in September 2022 in Europe and now extends to the U.S., where JD Sports’ loyalty program has grown tremendously and counts 5.1M active users. The latest partnership is one of a few between sports retailers. In July, JD Sports finalized its acquisition of retailer Hibbett. Nike has enhanced its relationships with key wholesale partners by connecting its loyalty program with various retailers, including DICK’s Sporting Goods, which integrated with Nike’s loyalty program in 2021. Since then, Nike has since expanded to add more partners.
“Becoming Nike’s first global Connected Member partner strengthens our long-standing, strategic relationship with the brand,” JD Sports CEO Régis Schultz said in a statement. “We want to redefine how brands and retailers work together to set a global standard for customer experience in our stores and across our digital channels—and this means making sure we find new ways to reward loyalty.”
The latest integrated loyalty program provides members exclusive access to Nike apparel and footwear, unique experiences, early product releases, and other benefits through the JD website and app. Customers must connect their Nike Membership and JD Status accounts to utilize the program’s perks. In addition to its loyalty program initiatives, Nike is revisiting its wholesale strategy, following challenges with its direct-to-consumer approach. Earlier in the year, Nike CEO John Donahoe acknowledged that the brand wasn’t reaching its full potential and emphasized the need for renewed investment in product innovation and wholesale partnerships.
Learn more about the JD Sports Status Rewards Program here.
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Original Article Links:
Bilt Rewards Secures $150 Million in Additional Funding Led by Ontario Teachers’ Pension Plan Growth
Jacksons Food Stores Unveils Next-Generation Rewards Platform
Nike, JD Sports expand connected loyalty program to the US