Madison-based grocery tech startup Fetch Rewards Inc. has raised an $8 million equity funding round, according to a new SEC filing.
The proceeds are to be used for general corporate purposes, according to the filing.
Fetch Rewards is an app that asks users to upload pictures of their grocery receipts in return for points that can be redeemed for rewards at those retailers. The startup has partnerships with thousands of grocery stores, including Kroger, Costco, Aldi, CVS and Target.
According to a press release from Fetch earlier this month, the app has been downloaded more than 1 million times nationwide. Fetch was established in 2013, and now has 60 employees.
Fetch founder and chief executive officer Wes Schroll did not return calls this week seeking comment on the funding round. In the release about the million downloads, he said: “From the beginning, we’ve sought to bring savings to as many shoppers as possible by making our app easy to use. It is a thrill to see the number of active Fetch users increase by 300 percent over the past nine months. Fetch makes saving fast and easy and it allows folks to save each time they purchase a participating product. There’s no burden related to coupons or waiting for rebates to process.”
According to SEC filings, Fetch has previously raised about $17 million from investors in equity and debt rounds.