Fetch Rewards, which has developed an app that lets grocery shoppers scan paper receipts and earn points, has reportedly landed an investment of $25 million. According to Xconomy, the US mobile app startup will use the fresh funding to capitalise on a surge of new users and business partners.
The investment came from Greycroft and E.ventures, bringing Fetch’s total amount raised so far to nearly $50 million. The round was revealed in a document filed with the SEC.
In an email statement, Fetch Rewards CEO and founder Wes Schroll told Xconomy:
“We closed this growth round to help expand out our teams to be able to support the massive user growth we have experienced this year.”
He added that the company plans to expand its team from 110 to at least 220 employees by the end of 2020.