Fetch Rewards Raises $240M in Equity and Debt Funding

Fetch Rewards

Fetch Rewards, a Madison, Wis.-based consumer-rewards app, raised $240m in equity and debt funding at a valuation of more than $2.5 billion.

The round, which brings total funding to over $500m, was led by private markets investment management firm Hamilton Lane (NASDAQ: HLNE) on behalf of clients, with participation 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.

The company intends to use the funds to accelerate growth as it continues its trajectory to build a digital loyalty and marketing platform.

Led by Wes Schroll, CEO and Founder, Fetch Rewards is a rewards app with 13 million active users who have submitted more than 2 billion receipts and earned more than $340m in rewards points. The company is partnering directly with brands to give consumers access to rewards every time they snap a photo of their receipt or submit an eReceipt. Users are engaged, and incentivized to submit every receipt (both paper and digital), from every purchase – grocery, retail, restaurant, online.

With over 500 global brands on its roster, Fetch recently surpassed $100 billion in annualized gross merchandise value (GMV).