Dosh, the fastest growing fintech app, today announced it has closed a $40 million Series B financing round, including $20 million in equity and $20 million in venture debt.
The financing was led by Goodwater Capital and Western Technology Investment (WTI), with participation from investors PayPal, BAM Capital and Anthem Venture Partners.
In 2019, much of the $231 billion advertising spend will be wasted due to no attribution. Dosh brings a dramatic shift in how merchants spend advertising dollars by giving them a new way to reach and reward consumers.
"Consumers are tired of having their data used and sold to drive advertising revenues for companies. Dosh moves advertising spend directly into consumers' wallets," said Ryan Wuerch, founder and CEO at Dosh. "We are empowering consumers for the first time to benefit from their own data, while bringing merchants new customers and greater revenues."
Dosh has seen strong growth in the past year, including delivering over $50 million in cash back to millions of consumers and achieving the No. 1 position in the US App Store. This financing will be used to further accelerate product innovation, advance technical capabilities, create personalized experiences for consumers and hire the highest-caliber talent.
"Dosh's mission is to put billions of dollars of wasted advertising spend directly into consumers' pockets," said Chi-Hua Chien, co-founder and managing partner at Goodwater Capital. "They are the clear leader in the rapidly growing card-linked offers market and we are confident this latest round of funding will accelerate their achievement of that mission."
The Dosh platform delivers results by linking marketing spend to consumer intent all the way through to the point of sale—online or in-store. Dosh's platform:
- Provides a deep, data-driven understanding of consumer purchase behavior in categories such as retail, dining, fuel and home improvement;
- Delivers cash back to consumers by learning about their preferences and suggesting the best places to shop, including Dunkin', Pier 1, Pizza Hut, Sam's Club and Sephora;
- Automates performance driven campaigns leading to new customers, winning back lapsed customers, increased frequency and higher average order value; and
- Creates social engagement to increase brand visibility and new customer acquisition for merchants.
"Working with Dosh has given Mama Fu's one of the best ways to acquire new customers, increase visits and grow purchase value," said Randy Murphy, CEO at Murphy Adams Restaurant Group. "Recently, we have seen a nearly 50% lift in transactions and a 66% increase in revenue directly attributable to Dosh providing us a direct connection to build deeper relationships with our customers."