Investors Put $10.5M Into Fondue As Its Seed Capital
A Shopify software called Fondue CashBack, with offices in New York and Tel Aviv, Israel, has raised $10.5 million in seed funding to replace discount codes with brand-embedded CashBack.
Infinity Ventures, Ground Up Ventures, Sugar Capital, Starting Line, R-Squared Ventures, Gaingels, Verissimo Ventures, Samsung Next, and JAM Fund all contributed to the round, which was led by Quiet Capital and Hanaco Ventures.
With this funding, the business may speed up its go-to-market efforts and invest more heavily in product development and the offline CashBack channel.
By substituting coupon codes with CashBack, Fondue—led by CEO Oren Charnoff, CTO Dr. William Herlands, and COO Abraham Lucey—helps brands enhance conversion and generate profitability. Customers are made aware of their eligibility for a reward at every stage of the buying process and given the option to cash it in for any means they see fit after the fact, including but not limited to additional store credit, gift cards, cash, and so on.
More than a hundred different businesses, from startups to major corporations, from dropshippers to DNVBs to marketplaces, are currently integrated with Fondue.