Fetch Rewards, a Madison-based startup that created a smartphone app where shoppers can scan their grocery receipts to upload codes and save on future items at checkout, has raised $8 million to fund growth of the company, according to regulatory filings with the U.S. Securities and Exchange Commission.
Seventeen investors participated in the round of funding, according to the filing.
The company's Shop Fetch app offers a way for consumers to utilize its in-store scanning technology and earn deals while they shop. Some of the brands to partner with Fetch Rewards include Oscar Mayer, Kraft Heinz, Ben & Jerry's, Coors Light, Dove and Nexxus. When uploading receipts to the app, people also build points that can be redeemed as gift cards to several retailers, including Target, Costco, Pick 'n Save, Walmart and Walgreens.
Fetch Rewards was founded by former University of Wisconsin-Madison student Wes Schroll in 2014. One of the earliest investors in the company is Milwaukee's BrightStar Wisconsin Foundation Inc.
Messages to Schroll seeking comment were not returned.
Fetch Rewards also has offices in Chicago and New York City and is actively hiring for positions in those cities, along with Madison. The company employs 60 people and has raised $26.5 million since its inception.
