ibotta bags undisclosed GGV Capital investment

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fintech insurtech wealthtech regtech ai cybertech esg news

Colorado-based ibotta has reportedly received an undisclosed funding round from GGV Capital.

The company has recently doubled its headquarters office and is hoping to add over 90 staff, according to an article by The Denver Post.

While the investment was undisclosed, a recent US SEC filing states the company has currently raised up to $24m from 15 investors for a funding round. It is not clear in the filing who the backers are, but there is a target of $25m.

Ibotta is an online rebate solution, offering users the ability to get cash back on certain purchases. Currently, the platform has helped customers receive a total of over $237m cashback through the rebates, according to the company website.

The platform works by a user finding a rebate offer on the ibotta website and then buying the product at the participating store. Once the purchase is complete, the customer uploads a picture of the receipt to the ibotta platform and then within 48 hours they’ll receive the cash back.

Ibotta received a $40m Series C funding round in 2015 and a $20m Series B the year before that.

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