Madison startup lures $210 million investment

Madison-based Fetch Rewards has earned the status of being valued at $1 billion after it closed on a $210 million equity investment round, according to a report from the Wisconsin State Journal. The consumer rewards app was founded in 2013 by University of Wisconsin–Madison students Tyler Kennedy and Wes Schroll and allows users to scan shopping receipts and earn points based on the items purchased. Points can then be converted into different redeemable rewards, including gift certificates or charitable donations. The company attracted the attention of venture capital firms after spending a week on the top of the list of most downloaded free apps in Apple’s App Store in December.  

Related story: Fetch Rewards to double employees