Cash continues to flow for Dosh, the app that finds cash savings for its users, as it announced on Thursday the close of $4.9 million in funding to help the company expand its staff.
The startup raised money from existing investors Goodwater Capital and Extol Capital, as well as new investor, Next Coast Ventures. This marked the final round of investments for the company on the year, increasing its total to $18.4 million.
“This is further validation to the momentum we have in the company,” said Dosh CEO and founder Ryan Wuerch. “This funding further supports our growth and helps us continue to accelerate our growth.”
The platform operates as a mobile wallet for users. Each time they make a purchase, they earn additional cash savings. Meanwhile, Dosh helps merchants understand consumer behavior and creates a cycle of consumer loyalty.
While the app is still in beta, the company has rapidly expanded since we last caught up with them in June. Dosh nearly tripled its employee base, growing from 25 employees to 68, and expanded its user base to more than 400,000, Wuerch said.
To support that growth, Dosh plans to use the latest round of funding to hire new employees and scale its organization. The startup is looking to hire more than 20 additional staff members, with an emphasis on the engineering team, as well as adding members to the data science, marketing, sales and merchant success teams.
But that’s just the beginning. Wuerch said the company aims to employ over 200 employees by the end of next year.
“We’re seeing month-over-month increase not just in the number of consumers coming on the app but also number of merchants coming on the app,” Wuerch said. “All of that is supported by great tech.”
According to Wuerch, the company plans to launch its product by the end of the first quarter.
Founded in 2016, Dosh began accepting public users in April. Since then, Wuerch said it has seen record growth in installs, card link users and cash back transactions. It has also added brands like Sam’s Club, Forever 21 and Denny’s to its stable of over 100,000 partnering hotels, online brands and restaurants.