Fondue CashBack, a New York- and Tel Aviv, Israel-based Shopify app that replaces coupon codes with brand-embedded CashBack, closed on a $10.5m seed funding round.
The round was led by Quiet Capital and Hanaco Ventures, with participation from Infinity Ventures, Ground Up Ventures, Sugar Capital, Starting Line, R-Squared Ventures, Gaingels, Verissimo Ventures, Samsung Next, and JAM Fund.
The company plans to use this round to scale up product development, expand its offline CashBack channel, and accelerate its go-to-market strategy.
Led by Oren Charnoff, CEO, and Dr. William Herlands, CTO, Abraham Lucey, COO, Fondue enables brands to increase conversion and grow profits by replacing coupon codes with CashBack. Shoppers see they’re eligible for an incentive throughout the purchase journey and then redeem it post purchase in a method they choose: extra store credit, gift cards, cash, and more.
Fondue is working with more than 100 merchants ranging from emerging brands to publicly traded and from dropshippers to DNVBs to marketplaces.