Fetch Rewards, a Madison, WI-based startup whose two mobile apps are aimed at providing discounts and rewards for buying food, beverages, and other items, has raised more than $9.6 million in equity funding.
Loeb Enterprises, a New York-based investment group that focuses on the marketing and media industries, led the funding round, says Fetch Rewards co-founder and CEO Wes Schroll. One other investor participated in the round, according to a regulatory filing, though Loeb was the only participant Schroll would name. [Updated throughout with information from Fetch Rewards CEO Wes Schroll.]
Fetch, which was founded in 2014, has now raised nearly $20 million in equity and debt financing, Schroll says. He declined to comment on the valuation Fetch received as part of its latest round of funding, or reveal what the company’s revenues were in 2016.
Up until this year, Fetch was known best for a smartphone app that lets users scan items’ barcodes as they shop. After certain products are scanned, the app offers discounts on related items—half off a bottle of mustard after scanning a ketchup bottle, for example. Once customers are ready to check out, they go to the front of the store, where there’s a special lane for Fetch users. The app produces a single barcode that the checkout person scans, rather than having to scan each item individually, and customers pay for their items. Read the full story here.