Shopper rewards startup Fetch Rewards reduced its workforce strength by 10%, laying off nearly 100 employees.
Fetch made the layoffs in a bid to become profitable in 2023. Earlier, it was planning to explore a sale or IPO listing options this year. However, the company changed its strategy and doesn't have any "current plans for an exit."
The Information reckons that the firm was impacted by the slowdown in retail spending, which in turn prompted the layoffs.
- Last March, it raised $240M in Series E equity and debt funding at a $2.4B valuation from SoftBank's Vision Fund 2, Greycroft Partners, and DST Global.
- To date, it has raised over $580M in venture funding.
- Fetch uses user behavior analysis to present relevant deals and reward consumers.
