US-based consumer loyalty platform provider Fetch Rewards secured $240m from investors including internet and telecommunications group SoftBank’s Vision Fund 2, mass media company TelevisaUnivision and media data provider NielsenIQ yesterday.
Alternative investment manager Hamilton Lane led the equity and debt round, which also featured Archer Venture Capital, Iconiq Growth, DST Global, Gaingels, Greycroft, Yieldstreet and Headline. It valued Fetch at $2.5bn.
Founded in 2013, Fetch operates a mobile platform that lets shoppers access rewards and discounts after their purchases by submitting their receipts to the app.
The company has formed strategic partnerships with NielsenIQ, which will work with it on strengthening product capabilities and insights, and TelevisaUnivision, which will partner Fetch to launch a Spanish-language rewards app.
SoftBank’s Vision Fund 2 previously led a $210m series D round for Fetch at a $1bn valuation in April 2021. The round also featured DST Global, E.ventures, Greycroft and Iconiq Capital, the four having supplied $80m in series C funding just three months earlier.
The company had already collected a total of over $47m from investors including DST Global, Greycroft, E.ventures, Loeb Enterprises and Great Oaks Venture Capital.
Fetch said it has passed $100m in annualised gross merchandise value and a base of 13 million active users, its reward app having had more than 2 billion receipts submitted.
Wes Schroll, Fetch’s founder and chief executive, said: “Fetch has built an amazing, fun, world-class consumer application that is experiencing explosive growth. This capital will allow us to accelerate and scale, while also focusing on delivering best-in-class, real-time control and insights for brands.”
Image courtesy of Fetch Rewards.
