Cashback startup Dosh has raised $44 million to expand its product development, the startup announced yesterday, a Series A round that included participation from Goodwater Capital and PayPal.
The company will use the funds, combined with the $18 million it had previously raised over the past year, to expand its “technical capabilities,” according to company statements.
As a cashback service, Dosh is focused on merchants, looking to provide brands with more customer loyalty, customer acquisition, and a higher volume of purchases.
Founded in 2016, the Austin, Texas-based Dosh allows customers to link a card of their choice to its mobile app. When that card is used to make purchases at any of the startup’s partner merchants (which currently include brands like Nike, Target, and Marriott), the app gives that user cash back.
Its app will show customers which stores are currently offering rewards (either in-store or online), and consumers can withdraw the cash in their digital wallet direct to a linked checking account. Dosh has paid out $25 million in rewards to about three million customers since its founding, as reported by TechCrunch.
Read more at VentureBeat and TechCrunch.