Madison-based consumer-loyalty and retail rewards app company Fetch Rewards, Inc. has raised $79.9 million, according to a filing with the U.S. Securities and Exchange Commission.
Fetch Rewards created a mobile app where shoppers can scan their grocery receipts to accumulate points that are then redeemed for savings on future products. The company was founded in 2013 by former University of Wisconsin-Madison student Wes Schroll.
Seven investors participated in the funding round, which had a total offering amount of $80 million, according to the SEC. Fetch Rewards did not respond to a request for comment.
The company appeared on the Inc. 5000 "fastest growing private companies in America"
list in 2020, ranking 116 with a three-year revenue growth of 3,161% - the highest-ranking company in Wisconsin this year. Fetch Rewards debuted on the Inc. 5000 in 2019, ranking 68th with 4,323% growth.
"The continued growth of Fetch Rewards is a testament to the hard work of our employees and our commitment to creating a world-class app experience for our millions of users," Schroll said of the company’s Inc. 5000 rank in August. "We've taken the challenges that 2020 has thrown at us in stride, and we're poised to emerge even stronger as a company.”
In addition to Madison, Fetch Rewards has offices in Chicago, New York City and San Francisco. The company has more than 11 million signups since launching in 2017 and nearly 3.8 million active users, according to a press release. The startup has processed more than 500 million receipts to date and has delivered nearly $76 million in savings to its shoppers.
