Unicorn companies are startups that reach the statistically rare mark of being valued at $1 billion, which the consumer rewards app did last month when it closed a $210 million equity investment round.
“It just validates that what we’re doing is very exciting,” Wes Schroll said. “There’s still so much upside in where we’re going.”
Users of Fetch Rewards, founded in 2013 by UW-Madison students Schroll and Tyler Kennedy, scan shopping receipts and earn points based on the items purchased. Those points are then converted into different redeemable rewards, including gift certificates, contest entries or even charitable donations.
Fetch Rewards contracts with brands including Unilever, General Mills and Molson Coors to provide the rewards to shoppers who buy those products.
“The app is all about rewarding you for the living you’re already doing,” Schroll said. “We don’t really care about what you do with your points, we just want you to find something that’s valuable to you that you feel excited about and that you feel is a good reward for yourself.”
Venture capital firms contacted Fetch Rewards about investing after the app spent about one week on the top of the list of most-downloaded free apps in Apple’s App Store — above others including YouTube and TikTok — in December, Schroll said.