Dosh, an app that gives consumers cash back every time they shop at participating merchants, announced on Tuesday it secured $40 million, including $20 million in equity and $20 million in venture debt, through its Series B financing round. The round was led by Goodwater Capital, which led the Dosh’s Series A funding round in 2018, and Western Technology Investment (WTI), with participation from investors PayPal, BAM Capital, and Anthem Venture Partners.
As previously reported, Dosh’s mobile app was launched in 2017 and gives users get cash back for booking hotels, shopping, dining out at more than 100,000 businesses, restaurants and hotels nationwide. The company reported:
“Using breakthrough technology to eliminate wasted advertising spend, Dosh puts that money back into the pockets of consumers and businesses. No cutting coupons. No scanning receipts. No hassle. Just cold, hard cash. Doshers can then transfer the cash directly into a bank account or PayPal, or donate to a charity.”
Speaking about the company’s development and mission, Ryan Wuerch, Founder and CEO at Dosh, stated:
“Consumers are tired of having their data used and sold to drive advertising revenues for companies. Dosh moves advertising spend directly into consumers’ wallets. We are empowering consumers for the first time to benefit from their own data, while bringing merchants new customers and greater revenues.”
Chi-Hua Chien, Co-Founder and Managing Partner at Goodwater Capital, also commented:
“Dosh’s mission is to put billions of dollars of wasted advertising spend directly into consumers’ pockets. 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.”
Dosh also reported it seen delivered more than $50 million in cash back to millions of consumers. The Series B financing will be used to further accelerate product innovation, advanced technical capabilities, create personalized experiences for consumers and hire new employees