Retail Loyalty App Company Fetch Rewards Raises $80 Million

By Noah Long ● December 9, 2020
  • Fetch Rewards — the nation’s leading consumer-loyalty and retail-rewards app — announced it raised $80 million in Series C funding led by ICONIQ Growth

Fetch Rewards — the nation’s leading consumer-loyalty and retail-rewards app — announced it raised $80 million in Series C funding led by ICONIQ Growth. New investor DST Global and existing investors Greycroft and e.ventures also participated. Including this round, Fetch Rewards has raised  $118 million in total.

How does Fetch Rewards work? Fetch Rewards is a consumer app that enables shoppers to earn free rewards every time they shop. And the company was founded on the belief that people should be rewarded for the things they already do. After shoppers scan every receipt after they shop, the Fetch Rewards app does the work to find the savings, keeping it easier and rewarding for shoppers.

Fetch Rewards has been seeing rapid growth during the global pandemic as COVID-19 created a sudden and significant shift in consumer shopping habits. And food retail revenue increased over 25%, total household grocery bills increased, and long-term grocery trends were reversed.

This strategy has fueled its rapid growth in 2020 as the company has ramped up the ability to process online receipts, not just for groceries but for all purchases. And this product innovation has given shoppers even more ways to earn points. After shoppers buy something from anywhere, they now have the ability to scan the receipt and get rewarded immediately.

Based in Madison, Wisconsin and with offices in Chicago, New York City and San Francisco, Fetch Rewards is the fastest-growing consumer loyalty and shopper rewards app in its category. With over 16 million downloads since launching in 2017 and more than 5.5 million active users, Fetch Rewards has processed more than 700 million receipts to date and has delivered nearly $100 million in savings to its shoppers.

KEY QUOTES:

“Innovation and speed have been key to our growth this 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. They help to inform a lot of our product strategy. But now, that’s heightened.”                                                        

“We are thrilled to join the ICONIQ Growth and DST Global portfolios and to continue to innovate, quickly.”

— Fetch Rewards founder Wes Schroll