SoftBank-backed Fetch Rewards raises $240 million in funding round
By Krystal Hu
(Reuters) -Fetch Rewards, a procuring rewards app backed by SoftBank Group Group’s Imaginative and prescient Fund 2, has raised $240 million in a funding spherical that valued the corporate at greater than $2.5 billion, Chief Government Officer Wes Schroll instructed Reuters on Wednesday.
The recent capital, consisting of each fairness and debt, got here after the app doubled its energetic customers base prior to now yr to 13 million, underpinned by pandemic-fueled e-commerce progress and shoppers on a tighter funds in a high-inflation economic system.
The newest spherical, led by funding administration agency Hamilton Lane, introduced the app’s whole funding to $578 million, and present traders together with Imaginative and prescient Fund 2, ICONIQ Capital and DST International additionally participated.
Based in 2017, Fetch provides free rewards for patrons who submit receipts of on a regular basis purchases on its app. The corporate positions itself as a one-stop digital loyalty and advertising and marketing platform, because it makes use of buy data to accomplice with manufacturers and shops.
“We craft partnerships straight with giant CPGs, retailers and eating places who need their corporations to be seen as coming ahead for the shoppers’ loyalty and reward them with incremental Fetch factors for consolidating their purchases,” mentioned CEO and founder Schroll.
The platform now has greater than 600 companions, together with BurgerKing, Unilever and Safeway. Prospects also can earn rewards factors for purchases from retailers that aren’t companions with the platform.
The Madison, Wisconsin-based firm plans to put money into constructing out extra options and increasing into new markets with a newly-launched Spanish model of the app.
Schroll mentioned the corporate has no imminent plans of going public.
“We do imagine that we needs to be working the enterprise to be an IPO-ready enterprise over the foreseeable 18-24 months, however we’ll determine whether or not or not that is the appropriate subsequent step for the corporate and the workers,” mentioned Schroll.
(Reporting by Krystal Hu in New York; Modifying by Sherry Jacob-Phillips)
