April 1 (Reuters) – Fetch Rewards said on Thursday it had raised more than $210 million in a funding round led by SoftBank Vision Fund 2, valuing the retail rewards app at over $1 billion as the COVID-19 pandemic fuels growth in its business.<\/p>\n
The Series D fundraise included investments from existing shareholders such as ICONIQ Capital, DST Global, Greycroft and e.ventures and takes the total amount raised by the startup so far to $328 million.<\/p>\n
It also makes the Madison, Wisconsin-based company, which offers free rewards to shoppers on everyday purchases, a member of the club of so-called \u201cunicorns\u201d — startups that are valued at more than $1 billion.<\/p>\n
Fetch Rewards said its business grew rapidly in 2020 thanks to the coronavirus-driven boom in e-commerce, with its food retail revenue surging by 25%.<\/p>\n
Founded in 2017, Fetch Rewards\u2019 app has more than 7 million active users and has been downloaded over 19 million times.<\/p>\n
Users can claim rewards from the company by submitting electronic receipts or snapshots of physical receipts on its app. It said it has delivered more than $120 million in savings to its customers so far.<\/p>\n