Fetch Rewards, the gift shopping app backed by SoftBank Group's Vision Fund 2, has raised US$240 million in a funding round that valued the company at over US$2.5 billion.
The new capital, consisting of equity and debt, comes after the app doubled its active user base last year to 13 million, supported by pandemic-fueled e-commerce growth and consumers on tighter budgets in a high-inflation economy.
"We are partnering directly with CPG, retailers and major restaurants who want their companies to stand out for customer loyalty and reward them with additional grab points to consolidate their purchases," said Chief Executive Officer Wes Schroll. 4).
Meanwhile, the latest funding round led by investment management firm Hamilton Lane has brought total application funding to US$ 578 million, and existing investors including Vision Fund 2, ICONIQ Capital and DST Global are also participating.
Founded in 2017, Fetch offers free gifts to customers who submit purchase receipts daily on its app. The company positions itself as a one-stop digital marketing and loyalty platform, as it uses purchase information to partner with brands and stores.
The platform now has more than 600 partners, including BurgerKing, Unilever and Safeway. Customers can also earn reward points for purchases from merchants who are not platform partners.
The Madison, Wisconsin-based company plans to invest in building more features and expanding into new markets with the recently launched Spanish version of the app.
"We believe we have to run the business to be an IPO-ready business over the next 18-24 months, but we'll decide if that's the right next step for the company and employees," said Schroll.
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