Loyalty and rewards app Fetch Rewards raised $210m in a funding round led by SoftBank Vision Fund 2, valuing the company at over $1bn.
The Series D fundraise, which also included investments from existing shareholders such as ICONIQ Capital, DST Global, Greycroft and e.ventures, takes the total amount raised by the startup so far to $328m.
The platform enables users to claim rewards from the company by submitting electronic receipts or snapshots of physical receipts on its app. As users earn points, they can be redeemed through the platform to enter monthly sweepstakes, donate to charity, or exchange gift cards at stores and online retailers.
The Wisconsin-based company said its business grew rapidly in 2020 citing the coronavirus-driven boom in e-commerce as the reason for its growth. The shift where stores went from focussing on bricks to clicks fuelled a surge in food retail revenues by more than 25%.
Founded in 2017, Fetch Rewards’ app which has more than 7 million active users, has been downloaded over 19 million times and has delivered more than $120m in savings to its customers so far, it claimed.
The reward scheme has 500 brands, including PepsiCo and Unilever.
Commenting on the funding, Fetch Rewards founder and CEO Wes Schroll said, “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.”
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