Fetch Revenue, Valuation, Funding & Investors
Fetch is valued at $2.5B as of April 2022.
Last Fetch valuation
$2.5B
Series E · Apr 2022
Last Fetch funding round
$240M
Series E · Apr 2022
Fetch revenue
$500M
Series D · Mar 2021
Key investors in Fetch
Greycroft
Headline
Great Oaks Venture Capital
ICONIQ Capital
Wisconsin Investment Partners
BrightStar Wisconsin Foundation
About Fetch
Fetch is a Milwaukee-headquartered mobile rewards app where users upload receipts from any store to earn points redeemable for gift cards. The platform partners with 600 brands like Pepsi and Clorox for targeted offers, processing millions of scans monthly. Fetch provides retailers with shopping insights across 5,000 retailers.
Founded
2013
HQ
Madison, WIWebsite
Status
Privately held
Customer focus
B2C
Revenue model
Advertising
Revenue
$500M (Mar 2021)
Valuation
$2.5B (Apr 2022)
Fetch Valuation
Fetch is currently valued at $2.5B, based on its Series E in April 2022.
The $240M round was led by Hamilton Lane.
Fetch's valuation has moved from $2.5B at its Series D in March 2021 to $2.5B in April 2022, across 2 priced rounds.
Fetch valuation by funding round
Revenue multiple| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Apr 2022 | Series E | $2.5B | - |
| Mar 2021 | Series D | $2.5B | 5.0x |
Fetch Revenue
Fetch's latest recorded revenue is $500M, as of its Series D in March 2021. At a $2.5B valuation, that implies a 5.0x revenue multiple.
Fetch revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Mar 2021 | $500M | $2.5B | 5.0x | Series D |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
Fetch Funding History
Fetch has raised a total of $582M across 9 funding rounds.
Fetch's first fundraising round was a $800K seed round in January 2014. The most recent completed round was a $240M Series E in April 2022.
Fetch funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Apr 2022 | Series E | Hamilton Lane (lead) | $240M | $2.5B | Fetch Rewards, a Madison, Wisconsin-based consumer rewards app founded in 2013, enables users to earn points by scanning receipts from purchases with over 500 global brands, providing brands with purchase attribution and ROI measurement. The company announced a $240 million funding round on April 7, 2022, comprising equity and debt, led by Hamilton Lane on behalf of clients, with participation from Archer Venture Capital, NielsenIQ, TelevisaUnivision, Yieldstreet, SoftBank Vision Fund 2, ICONIQ Growth, DST Global, Greycroft, Gaingels, and Headline, bringing total funding over $500 million. Sources consistently describe the round's valuation as greater than $2.5 billion, with one outlet specifying exactly $2.5 billion, more than doubling the prior $1 billion valuation from a SoftBank-led Series D in April 2021. The funds aim to fuel aggressive growth, scale the platform, enhance real-time insights for brands, and strengthen partnerships like those with NielsenIQ for product capabilities and TelevisaUnivision for a Spanish-language rewards app. At the time, Fetch reported 13 million active users who had submitted over 2 billion receipts and earned more than $340 million in rewards points. It had surpassed $100 billion in annualized gross merchandise value (GMV), positioning it as equivalent to the seventh-largest U.S. retailer by that metric. The app holds top rankings in App Store and Google Play with nearly 2.5 million five-star reviews. Fetch operates in the digital loyalty and marketing space, transforming consumer rewards by linking receipt data to brand engagement and incrementality measurement. Prior rounds included $210 million Series D and $80 million Series C in 2021 from similar investors. |
| Mar 2021 | Series D | SoftBank Group (lead); ICONIQ Capital; Greycroft; DST Global | $210M | $2.5B | Fetch, headquartered in Madison, Wisconsin and founded in 2013, operates as a leading rewards app and consumer-engagement platform that allows users to earn redeemable points for gift cards by scanning receipts from purchases, bridging consumer loyalty with brand marketing through real-time receipt data. The company joined the Unicorn Club on April 1, 2021, coinciding with a period of steady growth in its points-based loyalty ecosystem. Around this time, Fetch achieved a valuation of $2.5 billion, supported by cumulative funding reaching approximately $583 million across multiple rounds, including seed to Series E with key investors such as G Squared and Iconiq Capital. The specified VC round in March/April 2021 involved investors including DST Global, Greycroft, ICONIQ Growth, and lead investor SoftBank Vision Fund, raising $210 million, though exact post-money valuation confirmation ties to the $2.5 billion figure noted contemporaneously. Fetch's model leverages verified purchase data from millions of daily receipts to power performance marketing for CPG, restaurant, and retail brands, enabling personalized offers and adtech solutions. By late 2021, shortly after the round, Fetch surpassed $100 billion in annual gross merchandise value (GMV), equivalent to the nation's seventh-largest retailer, highlighting rapid traction with 11 million receipts processed daily. Post-round developments included expansions in AI-powered offer personalization, deeper brand partnerships, and ecosystem growth, with employee count reaching 734 by late 2023. Later funding included a $110 million conventional debt round in September 2025 at the $2.5 billion valuation (noted as of April 2022). Fetch positioned itself against competitors in loyalty software and consumer analytics, planning global expansion and new financial services integrations. |
| Nov 2020 | Series C | ICONIQ Capital (lead); Headline | $80M | - | - |
| Oct 2019 | Undisclosed stage | Greycroft (lead); Headline (lead) | $25M | - | Fetch Rewards, a consumer loyalty and shopper rewards app, enables users to scan grocery receipts and earn points redeemable for gift cards by working directly with brands. The company, founded in 2013 and headquartered in Madison, Wisconsin, raised $25 million in an October 2019 venture round with lead investors including Greycroft and Headline, as well as e.ventures and Loeb Enterprises. This brought Fetch's total funding to approximately $131.5 million across seven rounds by late 2020. Greycroft lists Fetch as a 2018 growth investment. The company employed over 110 people across offices in Madison, Chicago, San Francisco, and New York by 2020. Subsequent funding included a $240 million equity and debt round in 2022 led by Hamilton Lane at over $2.5 billion valuation, with participation from Greycroft, Headline, and others, bringing total funding over $500 million. By 2025, Fetch had raised over $631 million across 15 rounds with 20 investors. Fetch continued expanding as a digital loyalty platform focused on consumer rewards and brand partnerships. |
| Nov 2018 | Series A | Greycroft (lead); Headline (lead); Loeb Enterprises (lead) | $8M | - | - |
| Sep 2017 | Series A | Loeb Enterprises (lead); Wisconsin Investment Partners; BrightStar Wisconsin Foundation | $10M | - | - |
| May 2015 | Series A | - | $4M | - | Fetch Rewards, a Madison, WI-based consumer loyalty and retail rewards app, raised venture funding in a Series A round in May 2015, with Great Oaks Venture Capital as a notable investor. The company, founded around 2013-2014, enables users to scan grocery receipts and earn rewards. Fetch's funding history includes a seed round in January 2014 also backed by Great Oaks Venture Capital, with total capital raised reaching $131 million across seven rounds by 2020 and scaling to over $631 million by later years. |
| May 2015 | Series A | Great Oaks Venture Capital (lead) | $5M | - | - |
| Jan 2014 | Seed | Great Oaks Venture Capital (lead); Wisconsin Investment Partners; BrightStar Wisconsin Foundation; Andy Shannon | $800K | - | - |
Who has invested in Fetch?
11 investors have backed Fetch across its funding rounds, including Greycroft, Headline, Great Oaks Venture Capital, ICONIQ Capital, Wisconsin Investment Partners and BrightStar Wisconsin Foundation.
Lead investors include Hamilton Lane, SoftBank Group, ICONIQ Capital, Greycroft, Headline and 2 other investors.
Fetch Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| New York City, NY | 3 | Lead | Nov 2018 | |
| San Francisco, CA | 3 | Lead | Nov 2018 | |
| San Francisco, CA | 2 | Lead | Nov 2020 | |
| New York City, NY | 2 | Lead | Sep 2017 | |
| Madison, WI | 2 | Participant | Jan 2014 | |
| New York City, NY | 2 | Lead | Jan 2014 | |
| Milwaukee, WI | 2 | Participant | Jan 2014 | |
| Philadelphia, PA | 1 | Lead | Apr 2022 | |
 Tokyo | 1 | Lead | Mar 2021 | |
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialFetch Competitors
Fetch competitors include listed companies like Ziff Davis and People, and private ones like Vinted, Aihuishou, PolicyBazaar and MUSINSA.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| United States | Publicly listed | $1.5B | $335M | $2B | 1.0x | |
 Vilnius | Private | $1.3B | - | $9.3B | 7.3x | |
 Shanghai | Private | $473M | - | $2.5B | - | |
 Gurgaon | Private | $37M | $21M | $2.4B | 64.9x | |
 Seoul | Private | $475M | $143M | $2.3B | 4.9x | |
| United States | Publicly listed | $2.4B | $122M | $2.8B | 1.6x |
Fetch Public Comps
Fetch is still privately-owned, but its public comps include Urban Company, Pluxee, Stubhub, People, Visional, TX Group, Ziff Davis, Goto Gojek Tokopedia, Rasan and Lime.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $162M | ($26M) | 14.4x | 12.3x | (90.6x) | (72.0x) | |||
| $1.5B | $500M | - | - | - | - | |||
| $1.7B | ($1.4B) | 1.4x | 1.3x | (1.7x) | 6.7x | |||
| $2.4B | $122M | 1.3x | 1.6x | 25.4x | 11.3x | |||
| $515M | $157M | 3.3x | 2.6x | 10.8x | 9.3x | |||
| $1.1B | $310M | 2.1x | 2.1x | 7.2x | 8.1x | |||
| $1.5B | $335M | 0.9x | 1.0x | 3.8x | 3.3x | |||
| $1B | ($16M) | 2.0x | 1.7x | (125.5x) | 13.1x | |||
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Common questions about Fetch
| When was Fetch founded? | Fetch was founded in 2013. |
| Where is Fetch headquartered? | Fetch is headquartered in Madison, WI, United States. |
| Is Fetch publicly listed? | No, Fetch is a private, VC-backed company. |
| What is Fetch's valuation? | Fetch was last valued at $2.5B in its Series E in April 2022. |
| How much funding has Fetch raised? | Fetch has raised $582M across 9 funding rounds. |
| What was Fetch's last funding round? | Fetch's last funding round was a $240M Series E in April 2022, led by Hamilton Lane. |
| Who are Fetch's investors? | Fetch's investors include Greycroft, Headline, ICONIQ Capital, Loeb Enterprises, Wisconsin Investment Partners, Great Oaks Venture Capital, BrightStar Wisconsin Foundation, Hamilton Lane, SoftBank Group, Andy Shannon and 1 other. |
| What is Fetch's revenue? | Fetch's latest recorded revenue is $500M (March 2021). |
| What is Fetch's revenue multiple? | Fetch's latest valuation implies a 5.0x revenue multiple ($2.5B valuation on $500M of revenue). |
| Which companies are comparable to Fetch? | Companies comparable to Fetch include Ziff Davis, Vinted, Aihuishou, PolicyBazaar, MUSINSA and People. |
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