Consumer rewards app Fetch Rewards has raised $240 million in equity and debt in its latest funding round, bringing the company’s total funding to date to more than $500 million and setting the app’s valuation over $2.5 billion.
The consumer-facing app incentivizes shoppers to submit their receipts (both paper and digital) in return for rewards, allowing Fetch to capture real-time purchase data from its current active user base of 13 million shoppers. This flow of data provides the backbone for a suite of advertising tools designed to drive measurable purchasing decisions.
This latest funding round also marks Fetch’s first major strategic partnerships with new investors TelevisaUnivision, a Spanish-language content and media company, and NielsenIQ. The partnership with TelevisaUnivision accompanies the debut of Fetch Español, a Spanish-language rewards app.
Data analytics and consumer insights firm NielsenIQ will collaborate with Fetch on new product capabilities and features for retailers, brands and consumers, allowing both companies to better serve their shared global customers with more robust and actionable insights.
“Fetch has built an amazing, fun, world-class consumer application that is experiencing explosive growth,” said Wes Schroll, CEO and Founder of Fetch Rewards in a statement. “This capital will allow us to accelerate and scale, while also focusing on delivering best-in-class, real-time control and insights for brands.”
Private markets investment management firm Hamilton Lane led the funding round on behalf of clients, with additional investment 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.
“Fetch has transformed the consumer rewards space and has emerged as a leader in the category, and we believe there’s still a significant growth opportunity ahead,” said Jeffrey Armbrister, Global Head of Direct Equity Investments at Hamilton Lane in a statement. “Fetch has mastered the landscape of consumer buying patterns and providing a direct, attributable ROI for brand partners.”