Ontario Teachers Pension Backs Bilt, Now Valued at $3.25 Billion

Bilt Rewards, the customer-loyalty program provider that converts rental payments into points for airline miles, hotel stays, restaurant meals and other perks, has raised $150 million in additional equity funding led by Ontario Teachers’ Pension Plan.

Vanderbilt University Endowment, the University of Illinois Foundation and existing investors also participated in the extension to a January funding round, lifting Bilt’s valuation to $3.25 billion from $3.1 billion.

OTPP, the Canadian pension fund, owns Willow Bridge Property Co., and expressed interest in backing Bilt after witnessing the growth of both its resident and neighborhood loyalty programs, Bilt CEO ...