Fetch Rewards bags $80 million for it consumer-loyalty and retail-rewards app

Late last month, we wrote about the 50 most funded tech startups in the United States in 2020. Little did we know that Fetch Rewards, a Wisconsin-based startup in the middle of the list, would be raising new funding this month. Fetch Rewards is a mobile shopping platform that allows shoppers to earn free rewards every time they shop.

Today, the Madison, Wisconsin-based Fetch Rewards announced that it has raised $80 million in Series C funding to accelerate growth. The round, which brings the total amount raised by Fetch Rewards to $118 million, was led by ICONIQ Growth, with participation from a new investor, DST Global, and existing investors Greycroft and e.ventures.

Founded in 2013 by Daniel Litvak, Tyler Kennedy, and Wes Schroll, The Fetch Rewards app gives users the easiest way to save on everyday purchases by simply scanning their receipt. For our brand partners, the platform allows them to understand a 360-degree view of shopping habits, and to meaningfully reward a customer’s individual loyalty. By working directly with hundreds of popular brands, Fetch Rewards gives shoppers access to savings on tens of thousands of products, whenever and wherever they are purchased.

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.

With more than 16 million downloads since launching in 2017 and more than 5.5 million active users, Fetch Rewards has processed more than 700 million receipts to date and has delivered nearly $100 million in savings to its shoppers.

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.”

The strategy has fueled its 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.