US-based shopper loyalty app operator Fetch Rewards has raised $210m in a series D round led by telecommunications and internet group SoftBank’s Vision Fund 2.
The round included DST Global, E.ventures, Greycroft and Iconiq Capital. It pushed the company’s overall funding to $328m and valued it above $1bn.
Founded in 2013, Fetch Rewards has built a software platform that helps users find rewards and discounts after each purchase, accepting both online and offline receipts. The app has logged more than 19 million downloads with almost 7 million active users submitting nearly a billion receipts in total.
Tom Cheung, a partner at SoftBank Investment Advisers, which oversees the Vision Funds, said: “We believe Fetch Rewards’ platform delivers a great experience for consumers by rewarding them for their loyalty to their favourite brands.”
Fetch Rewards founder and chief executive Wes Schroll added: “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.”
Iconiq Capital’s Iconiq Growth led the company’s $80m series C round in December 2020, investing alongside DST Global, Greycroft and E.ventures, the last two of which had contributed to a $25m round in October 2019.
Fetch Rewards secured $8m from unnamed investors in 2018, after Loeb Enterprises led a $9.6m round in September 2017. It had previously received $4m from unnamed investors in 2015, following $4.5m from Great Oaks Venture Capital and various individuals.
