Madison-based Fetch Rewards Inc. has closed a funding round worth $240 million, bringing the company’s total funding to over $500 million. The grocery tech startup’s valuation has also increased to over $2.5 billion, a $1.5 billion valuation increase since this time last year.

Fetch Rewards is an app that asks users to upload pictures of their grocery receipts in return for points that can be redeemed for rewards at those retailers. The startup has partnerships with thousands of grocery stores, including Kroger, Costco, Aldi, CVS and Target. It also lists over 500 global brands.

“Fetch has built an amazing, fun, world-class consumer application that is experiencing explosive growth. This capital will allow us to accelerate and scale, while also focusing on delivering best-in-class, real-time control and insights for brands,” said Wes Schroll, CEO and founder, Fetch Rewards.

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