Fetch Rewards

History

2021: Raising $210 million in investments, including from DST Global

In early April 2021, it became known that Yuri Milner's DSTs invested in the Fetch Rewards cashback service. The service raised $210 million as part of the Series D funding round led by SoftBank Vision Fund 2, and the value of the company amounted to more than $1 billion.

The application is focused on the US market and rewards consumers with points for scanning purchase receipts. You can then spend your points on gift cards from 500 different brands, including PepsiCo and Unilever. Since the beginning of the pandemic, the audience of the cashback service has grown from 2.5 million to 7 million active users per month.

DST Global Yuri Milner invested in the cashback service Fetch Rewards

As advertising opportunities shrink, customers stay at home, and e-commerce and delivery services undermine retail, "all sellers are trying more than ever to establish a connection with their consumers," said Wes Schroll, founder and CEO of Fetch Rewards, in an interview. So far, the startup is unprofitable, but its annual sales volume exceeds $100 million, and it is growing rapidly along with retail enterprises such as restaurants and pharmacies. In addition, the cashback service processes purchase data by evaluating consumer behavior patterns, and then sells this information to retailers and brands.

According to Shroll, the CEO of SoftBank of Masayoshi Son urges the management of a startup to expand an influence zone gradually. In 2022, Fetch Rewards intends to enter English-speaking markets outside the United States, and in the future plans to create an international network.

The SoftBank Vision Fund 2, which has become a major investor in the startup, is funded exclusively by SoftBank and focuses on sectors such as healthcare, autonomous driving and online real estate. Other investors include DST Global Yuri Milner and Greycroft.^[1]

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