ETF News

Fetch Rewards joins unicorn club with $210 mln funding round

April 1 (Reuters) - Fetch Rewards said on Thursday it had raised more than $210 million in a funding round led by SoftBank Vision Fund 2, valuing the retail rewards app at over $1 billion as the COVID-19 pandemic fuels growth in its business.

The Series D fundraise included investments from existing shareholders such as ICONIQ Capital, DST Global, Greycroft and and takes the total amount raised by the startup so far to $328 million.

It also makes the Madison, Wisconsin-based company, which offers free rewards to shoppers on everyday purchases, a member of the club of so-called “unicorns” -- startups that are valued at more than $1 billion.

Fetch Rewards said its business grew rapidly in 2020 thanks to the coronavirus-driven boom in e-commerce, with its food retail revenue surging by 25%.

Founded in 2017, Fetch Rewards’ app has more than 7 million active users and has been downloaded over 19 million times.

Users can claim rewards from the company by submitting electronic receipts or snapshots of physical receipts on its app. It said it has delivered more than $120 million in savings to its customers so far.

Reporting by Sohini Podder in Bengaluru; Editing by Aditya Soni