Fetch Rewards, a shopping rewards app backed by SoftBank Group Group’s (9984.T) Vision Fund 2, has raised $240 million in a funding round that valued the company at more than $2.5 billion, Chief Executive Officer Wes Schroll told Reuters on Wednesday.
The fresh capital, consisting of both equity and debt, came after the app doubled its active users base in the past year to 13 million, underpinned by pandemic-fueled e-commerce growth and consumers on a tighter budget in a high-inflation economy.
The latest round, led by investment management firm Hamilton Lane (HLNE.O), brought the app’s total funding to $578 million, and existing investors including Vision Fund 2, ICONIQ Capital, and DST Global also participated.
Source: Reuters
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