Fintech startup Dosh secures $40mn in funding
Based in Austin, Texas, fintech app maker Dosh announced this week it had raised US$40mn in series B funding. Reportedly, in 2019, $231bn will be spent on advertising globally. According to Dosh, a large portion of that money will be wasted due to mis-or-no attribution. The Texan startup will use the $40mn to continue to bring about “a dramatic shift in how merchants spend advertising dollars by giving them a new way to reach and reward consumers.”
"Consumers are tired of having their data used and sold to drive advertising revenues for companies. Dosh moves advertising spend directly into consumers' wallets," said Ryan Wuerch, founder and CEO at Dosh. "We are empowering consumers for the first time to benefit from their own data, while bringing merchants new customers and greater revenues."
With brand partnerships ranging from Dunkin’ and Pizza Hut to Sam’s Club and Sephora, Dosh provides its users with data-driven cashback based on purchase behaviour. The app’s software automates performance driven campaigns leading to new customers, winning back lapsed customers, increased frequency and higher average order value, as well as creating social engagement to increase brand visibility and new customer acquisition for merchants.
"Dosh's mission is to put billions of dollars of wasted advertising spend directly into consumers' pockets," said Chi-Hua Chien, co-founder and managing partner at Goodwater Capital. "They are the clear leader in the rapidly growing card-linked offers market and we are confident this latest round of funding will accelerate their achievement of that mission."
$20mn of the total funding is in equity, with the remaining $20mn in venture debt. The financing was led by Goodwater Capital and Western Technology Investment (WTI), with participation from investors PayPal, BAM Capital and Anthem Venture Partners.
Microsoft: Building a secure foundation to drive NASCAR
Microsoft is a key partner of The National Association for Stock Car Auto Racing (NASCAR) and together they are driving ahead to create an inclusive and immersive new fan experience (FX).
These long-term partners have not only navigated the challenges posed by the COVID-19 pandemic with the use of Microsoft Teams and Microsoft 365, but are now looking to a future packed with virtual events to enhance the FX, well beyond NASCAR’S famous Daytona racetrack.
“Together, we've created a secure environment that's allowed for collaboration, but the future is all about the fans”, said Melinda Cook, General Manager for Microsoft South USA Commercial Business, who cited a culture of transparency, passion, adaptiveness, and a growth mindset as to why this alignment is so successful.”
“We've partnered to create a fluid, immersive experience for the users that is supported by a secure foundation with Microsoft in the background. We are focused on empowering and enabling customers and businesses, like NASCAR, to reach their full potential. We do this with our cloud platform which provides data insights and security.”
“Our cloud environment allows NASCAR to move forward with their digital transformation journey while we are in the background,” said Cook who highlights that Microsoft is helping NASCAR
- Empower employees productivity and collaboration
- Improve fan engagement and experience
- Improve environment security and IT productivity
- Improve racing operations
Microsoft Teams, which is part of the Microsoft 365 suite, enabled employees to work remotely, while staying productive, during the pandemic. “This allowed people to provide the same level of productivity with the use of video conference and instant messaging to collaborate on documents. Increased automation also allows the pit crews, IT, and the business to focus on safety, racing operations, and on the fan experience,” said Cook.
“We have started to innovate to create a more inclusive fanbase, this includes using Xbox to give people the experience of being a virtual racer or even leveraging some of the tools in Microsoft Teams to have a virtual ride along experience.”
“These environments are how we create a more inclusive and immersive experience for the fans. We're working on a virtual fan wall which allows people from new locations to participate in these events,” said Cook, who pointed out Microsoft was also helping bring legacy experiences alive from NASCAR’s archives.
“At Microsoft we can take it one level further by letting fans know what it's like to see the pit crew experience, the data and all the behind-the-scenes action. We will continue to improve automation with machine learning and artificial intelligence, from marketing to IT operations to finance to racing operations,” said Cook.
Christine Stoffel-Moffett, Vice President of Enterprise Technology at NASCAR, said: “Microsoft is one of our key partners. They have been instrumental in helping the NASCAR enterprise technology team re-architect our Microsoft systems to ensure an advanced level of security across our environment, contribute to our business outcomes, and focus on fan experience.”