Madison-based Fetch Rewards, which created a smartphone app where shoppers can scan their grocery receipts to upload codes and save on future items at checkout, has closed on roughly $80 million in equity investments, according to a recent filing with the U.S. Securities and Exchange Commission.
The company will apply the proceeds toward working capital and general corporate purposes, the company stated in the filing. Seven investors participated in the offering, per the filing.
The company declined to offer additional details.
Wes Schroll, a former University of Wisconsin-Madison student, started Fetch Rewards in 2013. At the end of 2019, Fetch Rewards stated it employed 110 people in Madison, Chicago and New York City. The company has since opened an office in San Francisco.
Schroll and co-founder Tyler Kennedy were named to the 2019 Forbes 30 Under 30 list and earlier this year, Fetch Rewards ranked No. 116 on the 2020 Inc. 5000, the premier list of the fastest-growing private companies in America. The company reported a growth rate of 3,160% between 2016 and 2019 and its ranking was the highest for any company from Wisconsin.
In 2019, Fetch Rewards reported raising roughly $25 million in capital from private investors. Current investors in the company include Milwaukee's BrightStar Foundation Wisconsin and Wisconsin Investment Partners, of Madison.
