Fetch Rewards, a Madison, Wis.-based consumer-rewards app, raised $240m in equity and debt funding at a valuation of more than $2.5 billion.
The round, which brings total funding to over $500m, was led by private markets investment management firm Hamilton Lane (NASDAQ: HLNE) on behalf of clients, with participation from Archer Venture Capital, NielsenIQ, TelevisaUnivision, a Yieldstreet fund, and others, along with continued investments from SoftBank Vision Fund 2, ICONIQ Growth, DST Global, Greycroft, Gaingels and Headline.
The company will use the funds to increase its growth and continue to build a digital loyalty program and marketing platform.
Fetch Rewards, founded by Wes Schroll as CEO and Founder, is a rewards app that has 13 million users. They have received more than 2 Billion receipts and earned over $340m in rewards points. To give consumers the opportunity to earn rewards, Fetch Rewards has partnered directly with major brands. Users are engaged and incentivized to submit every receipt (both paper and digital), from every purchase – grocery, retail, restaurant, online.
With over 500 global brands on its roster, Fetch recently surpassed $100 billion in annualized gross merchandise value (GMV).