Fondue Raises $10.5m Seed Round to Replace Every Ecommerce Discount Code
Summary
A number of founders and executives joined the round as well from consumer brands and fintechs including Casper, TheRealReal, Thumbtack, Candid, Carraway, CatchCo, Loox, Perry Ellis, Melio, Ramp, Plaid, and Venmo. "Brands are addicted to legacy discounting strategies like coupon codes, thinking its just the cost of doing business," explains Oren Charnoff, CEO and Co-Founder. These are great for the simple reason that they work, but they come at an increasingly prohibitive hit to margin," notes Dr. William Herlands, CTO and Co-Founder. "CashBack means brands can meet this mandate by giving agency to shoppers and being rewarded with larger AOV, more profit on first purchase, greater engagement, and higher LTV. "Fondue, based in New York and Tel Aviv, enables brands to increase conversion and grow profits by replacing coupon codes with CashBack.