Fetch Rewards Closes $80 Million Round of Funding led by ICONIQ Growth with DST Global Participating
Fetch Rewards, the nation’s leading consumer-loyalty and retail-rewards app, announced today that it has raised $80 million in Series C funding in a round led by ICONIQ Growth. Another new investor, DST Global, and existing investors Greycroft and e.ventures also participated. This latest round of funding brings the total amount raised by Fetch Rewards to $118 million.
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Fetch Rewards is a consumer app that allows shoppers to earn free rewards every time they shop. The company was founded on the belief that people should be rewarded for the things they already do. When shoppers scan every receipt after they shop, the Fetch Rewards app does the work to find the savings, keeping it easy, fun and rewarding for shoppers.
Fetch Rewards has seen rapid growth during the global pandemic as COVID-19 created a sudden and significant shift in consumer shopping habits. Food retail revenue increased over 25%, total household grocery bills increased, and long-term grocery trends were reversed.
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Founder Wes Schroll says: “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.”
This strategy has fueled their rapid growth in 2020 as the company has ramped up the ability to process online receipts — not just for groceries, but for all purchases. This product innovation has given shoppers even more ways to earn points. When shoppers buy something, from anywhere, they now have the ability to scan the receipt and get rewarded immediately.
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