Fetch Rewards, a consumer loyalty and rewards app, has raised over $210 million in a Series D funding round, according to a press release.
SoftBank Vision Fund 2 led the round, and existing shareholders ICONIQ, DST, Greycroft and e.ventures also participated, the release stated.
Fetch Rewards Founder and CEO Wes Schroll said in the release: “Innovation, responsiveness and speed have been key to our growth over the past year. COVID-19 has forced us to adapt to the feedback that our shoppers are giving us. We’ve always cared about what our shoppers say, we exist to make their shopping experiences better. They help to inform a lot of our product strategy.”
Fetch Rewards’ technology allows shoppers to earn free rewards on their everyday purchases, using the camera app on their phones to snap photos of receipts. The company’s philosophy is that users “should be rewarded for the things they already do,” according to the release. As shoppers take the photos, Fetch Rewards looks for the rewards they’re eligible for.
Shoppers buying anything from anywhere can scan receipts and get instant rewards, the release stated.
The pandemic has helped the company grow as it engendered a shift in shopping habits for consumers, according to the release. Food retail revenue has spiked 25 percent, and there has been an increase in total grocery bills.
“As we continue to grow and innovate fast, we are thrilled to join the SoftBank Vision Fund 2 portfolio,” Schroll said in the release. “This new partnership will give us the momentum we need to achieve our goal of becoming the world’s rewards platform.”
Technological enhancements like artificial intelligence (AI) can help bolster restaurant rewards programs by increasing customer engagement, giving restaurants the ability to quickly assess data and offer actionable insights, helping them tailor offerings to what customers want.
Loyalty programs alone might not be enough to win customers’ hearts in 2021, though, with the secret often hinging on the experiences that come along with precise needs and ordering preferences.
April 1 (Reuters) - Fetch Rewards said on Thursday it had raised more than $210 million in a funding round led by SoftBank Vision Fund 2, valuing the retail rewards app at over $1 billion as the COVID-19 pandemic fuels growth in its business. The Series D fundraise included investments from existing shareholders such as ICONIQ Capital, DST Global, Greycroft and e.ventures and takes the total amount raised by the startup so far to $328 million. It also
makes the Madison, Wisconsin-based company, which offers free rewards to shoppers on everyday purchases, a member of the club of so-called “unicorns” -- startups that are valued at more than $1 billion. Fetch Rewards said its business grew rapidly in 2020 thanks to the coronavirus-driven boom in e-commerce, with its food retail revenue surging by 25%. Founded in 2017, Fetch Rewards’ app has more than 7 million active users and has been downloaded over 19 million times. Users
can claim rewards from the company by submitting electronic receipts or snapshots of physical receipts on its app. It said it has delivered more than $120 million in savings to its customers so far. Reporting by Sohini Podder in Bengaluru; Editing by Aditya Soni
for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up
Skip to content
FinSMEs
REAL TIME VC & PRIVATE EQUITY DEALS AND NEWS
Site navigation
- USA
- UK
- Germany
- Canada
- China
- Russia
- India
- France
- Italy
- NFT
- Home
- USA
- Fetch Rewards Raises Over $210M in Series D Funding
Fetch Rewards Raises Over $210M in Series D Funding
Fetch Rewards, a Madison, Wis.-based consumer-loyalty and retail-rewards app, raised more than $210m in Series D funding.
The round, which brought the total amount raised to $328m, was led by SoftBank Vision Fund 2, with participation from existing shareholders ICONIQ, DST, Greycroft and e.ventures.
The company intends to use the funds to continue to expand operations and its business reach.
Led by Founder and CEO Wes Schroll, Fetch Rewards allows shoppers to earn free rewards on their everyday purchases by snapping photos of their receipts or submitting electronic receipts.
Since launching in 2017, the app has been downloaded more than 19 million times and has nearly 7 million active users. To date, Fetch has processed nearly a billion receipts and has delivered more than $120 million in savings to its shoppers.
The company has offices in Chicago, New York, and San Francisco.
FinSMEs
02/04/2021