SoftBank-backed Fetch Rewards raises $240 million in funding round
- ByStartupStory | April 7, 2022
Fetch Rewards, a retail rewards app sponsored by SoftBank Group’s Vision Fund 2, has raised $240 million in a funding round valued at more than $2.5 billion, according to Chief Executive Officer Wes Schroll.
The new funds were raised after the app doubled its active user base to 13 million in the previous year, owing to pandemic-fueled e-commerce expansion and customers on a tighter budget in a high-inflation environment.
The latest round, managed by investment management firm Hamilton Lane, increased the app’s total funding to $578 million, with participation from existing investors such as Vision Fund 2, ICONIQ Capital, and DST Global.
Fetch, which was founded in 2017, gives clients free prizes for submitting receipts from routine purchases through its app. The company bills itself as a one-stop digital loyalty and marketing platform that partners with brands and merchants based on purchase data.
BurgerKing, Unilever, and Safeway are among the platform’s more than 600 partners. Customers can also earn points by shopping at merchants who aren’t affiliated with the network. With a freshly launched Spanish version of the app, the Madison, Wisconsin-based company expects to spend in adding more features and expanding into other regions
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