POCKET CHANGE: An Austin, Tex., app company thinks it has a solution to help make brands’ marketing dollars more productive.
Dosh, which was founded by Ryan Wuerch and former Stella & Dot chief executive officer Mike Lohner, has created an app that’s been in private beta for the past few weeks and is now gearing up for a public beta launch April 25.
Consumers download the free Dosh app, enter in their credit or debit card information and then shop — either online or in-store. If they shop at a partner brand using the credit card information they saved when signing up for the app, they’ll get cash back — the quantity of which varies from brand to brand. That money gets placed into their Dosh account and when the balance hits $15, the consumer can transfer those funds into their bank account.
Dosh makes its money by taking a percentage of each transaction.
“We believe we’re solving a key need for merchants and brands,” he said.
The app has been in development for over three years now with the company having closed on $2 million in March, bringing its total raised to date to $6 million across what Wuerch said is a seed round.
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