Dosh, the app that automatically searches and applies cash savings opportunities for consumers, just collected its own cash flow from a series of investors.
On Thursday, the company raised an additional $5.1 million from existing investors and new investors that included Goodwater Capital and local serial entrepreneur/investor Brett Hurt.
This marks the Austin startup’s second investor-led funding since March, bringing the total amount raised to $13 million.
And the app isn’t even out of beta yet.
“Dosh is rapidly expanding as we onboard new merchants and rapidly grow our customer base,” said Ryan Wuerch, Dosh CEO, executive chairman and founder. “As with many companies experiencing exponential early growth, we are finding successful and proven investors who are excited by our vision, our traction and want to be part of it.”
Founded in 2016, Dosh began accepting users this past April for its public beta. Users register their debit or credit card, and the app pulls cash-back offerings when they purchase from Dosh’s network of stores, shops, travel sites and restaurants (which is currently about 100,000 strong).
Wuerch said users who book travel through Dosh get an average of $90 cash back while taking advantage of the market’s lowest fares, adding that recent updates to the app have added additional features — like the ability to move cash savings to a charitable organization in addition to a bank or Paypal account.
“Dosh is the simplest to use app for consumers, period,” said Wuerch. “As opposed to many legacy rebate or coupon companies, we don’t ask for coupons, pictures of receipts, or use rebates.They earn money that would have otherwise been wasted, without doing anything.”
With brands like Forever21, Applebees and IHOP, Wuerch said users can expect to see new brands and businesses on the app daily with more formal announcements regarding bigger brands on the way.
Wuerch said the company will continue to grow its participating merchant network, improve user experience and increase employee account.
“We are continuing to hire rapidly and are expanding our engineering, marketing and business function teams,” said Wuerch.
Image provided by social media.
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