Dosh, one of Austin's fastest growing startups, is fueling up its funding accounts with $40 million in new money to make key hires and expand the reach of its cash-back consumer app.
The new funding comes in the form of $20 million in equity funding and $20 million in venture debt. The round was led by Goodwater Capital and Western Technology Investment. Prior investors PayPal, BAM Capital and Anthem Venture Partners also put in on the round.
Dosh's latest capital infusion follows a $44 million Series A round in April 2018. That brings its total funding to nearly $100 million, putting it in the upper echelon of Austin startups in terms of funding.
The strong funding is a reflection of the huge market Dosh is going after -- as well as the track record of its team.
Dosh lets consumers link credit cards on its app, automatically sending them cash-back on purchases where a deal is available. The company has partnered with thousands of businesses. It has ranked No. 1 in the App Store for fintech apps. And the company says it has delivered more than $50 million in cash back to consumers.
Its deal partners include Sam’s Club, Papa John’s, Mattress Firm, Chili’s and many other franchises and independent businesses.
"Consumers are tired of having their data used and sold to drive advertising revenues for companies. Dosh moves advertising spend directly into consumers' wallets," Dosh founder and CEO Ryan Wuerch said in a news release. "We are empowering consumers for the first time to benefit from their own data, while bringing merchants new customers and greater revenues."
