Fetch, the developer of a consumer rewards app, secured $50 million in debt financing from Morgan Stanley Private Credit after achieving profitability in Q4/23. The infusion of capital will prime Fetch for another year of growth as the now-profitable company continues its strategy to become a rewards-for-everything platform.
Fetch will specifically leverage this funding to expand its business in four areas: product innovation to enhance the user experience and partner success; further development in the platform’s proprietary AI and machine learning technologies; investment in growing the app’s user base; and hiring top talent to shepherd the company’s next phase of growth.
“Fetch is transforming the way brands and consumers connect and solving the biggest problems in advertising,” Wes Schroll, CEO and founder of Fetch, said. “This financing will allow us to innovate faster and supercharge our ability to bring our platform to more brands and more households.”
Fetch has attracted talent from several major technology companies, most recently hiring Sean Han (chief accounting officer), Win Sakdinan (general manager of partner marketing), Marc Bearman (general manager of Fetch Play), Raj Prazad (senior vice president of data engineering), Aitan Weinberg (senior vice president of ads/media products), and Daniel Block (vice president of corporate business development), whose combined previous experience includes time at Google, Meta, Twitter, Pinterest, Snap, Uber, Roku and Mastercard.
“We’re thrilled to be working with Morgan Stanley Private Credit as Fetch moves into our next phase of maturity,” Gideon Oppenheimer, CFO of Fetch, said. “Through diversifying our capital structure, we can maximize the value we are creating for our users and brand partners.”
“We are pleased to be Fetch’s financing partner and support the company in its next phase of growth,” Ashwin Krishnan, co-head of North America private credit at Morgan Stanley Investment Management, said. “This senior debt investment is an example of our ability to provide a flexible capital solution tailored to meet Fetch’s needs in the current operating environment.”
Morgan Stanley Private Credit’s investment in Fetch was led by Griffin Coakley, an executive director at the firm. Armentum Partners served as Fetch’s advisor in the transaction.
