- Fetch Rewards — the leading consumer-loyalty and retail-rewards app — announced recently that it has raised over $210 million in Series D funding from SoftBank Vision Fund 2
Fetch Rewards — the leading consumer-loyalty and retail-rewards app — announced recently that it has raised over $210 million in Series D funding from SoftBank Vision Fund 2 with participation from existing shareholders ICONIQ, DST, Greycroft, and e.ventures. And this latest round of funding brings the total amount raised by Fetch Rewards to $328 million.
The company enables shoppers to earn free rewards on their everyday purchases simply by snapping photos of their receipts or submitting electronic receipts. And the company was founded on the belief that people should be rewarded for the things they already do. After shoppers snap every receipt after they shop, Fetch Rewards does the work to find the rewards, keeping it easy and fun for shoppers.
Fetch Rewards has seen massive growth in the past year 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 their rapid growth in 2020, which has continued into 2021. And by ramping up the ability to process online receipts, shoppers are given even more ways to earn points. When shoppers buy something, from anywhere, they will have the ability to scan the receipt and get rewarded immediately.
Based in Madison, Wisconsin, with offices in Chicago, New York, and San Francisco, Fetch Rewards is the fastest-growing consumer loyalty and shopper rewards app in its category. And since launching in 2017, the Fetch rewards app has been downloaded more than 19 million times and has nearly 7 million active users. So far, Fetch has processed nearly a billion receipts and has delivered more than $120 million in savings to its shoppers.
KEY QUOTES:
“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.”
“As we continue to grow and innovate fast, we are thrilled to join the SoftBank Vision Fund 2 portfolio. This new partnership will give us the momentum we need to achieve our goal of becoming the world’s rewards platform.”
— Fetch Rewards Founder and CEO Wes Schroll
“We believe Fetch Rewards’ platform delivers a great experience for consumers by rewarding them for their loyalty to their favorite brands. We look forward to partnering with Wes and the team as they continue to innovate, scale and expand into new markets.”
— Tom Cheung, Partner at SoftBank Investment Advisers
