Fetch Rewards joins unicorn club with $210m round led by Vision Fund 2

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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.

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.

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 “unicorns” — startups that are valued at more than $1 billion.

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%.

Founded in 2017, Fetch Rewards’ app has more than 7 million active users and has been downloaded over 19 million times.

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.

Reuters

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.