Texas-based cash back app Dosh has raised $4.9 million in funding. The round was led by California-based Goodwater Capital with participation from Extol Capital and Next Coast Ventures.
Dosh allows users to automatically earn instant cash back on their purchases from more than 100,000 hotels, online brands, stores and restaurants across the US by securely connecting their credit and debit to the app, eliminating the need to use coupons or scan receipts.
The app, which is still in beta, uses what it describes as “breakthrough technology” to put money back into the pockets of both consumers and businesses.
Tom Ball, co-founder and managing partner of Next Coast Ventures, said:
“They are going to fundamentally shift how billions of dollars in advertising will be spent. The rapid growth of customers and businesses integrating into the Dosh marketplace is a testament to what they’ve developed.”
Dosh was founded and is led by Ryan Wuerch, a serial entrepreneur who previously founded Solavei and Motricity, both leaders in the mobile service space.
The new investment follows a $2 million seed round in March, which was raised from private equity firms and high net-worth individuals including Charles Kim of China Renaissance Group.