TUE AM News: Fetch looking to expand, reach new markets; Home building permits decline in Q2, report shows

— With over 17 million active users and valued at $3 billion, Fetch Rewards is looking to expand from grocery chains into other retail stores and restaurants. 

That’s according to company co-founder Tyler Kennedy, who discussed the company’s path forward yesterday during the Badger Startup Summit, held in Madison as part of this year’s Forward Festival. 

Since launching in Madison in 2013, Fetch Rewards has formed partnerships with major brands such as MillerCoors, Unilever, Generals Mills and others for its mobile app loyalty program. The company has raised $500 million in venture capital. 

“Consumers scan any receipt from any store they go to, we digitize it, process it, and offer loyalty points based on the brands and products they purchase,” Kennedy said. “We’re ultimately a data and loyalty company, and so we’re working hard to try and understand consumer purchasing behaviors, purchasing trends. But retail is kind of just the beginning.” 

The app’s millions of users are each scanning about 20 receipts a month, providing the company with data on hundreds of millions of receipts each month. Kennedy contrasted Fetch with other big data businesses such as Apple and Meta, the company that operates Facebook. 

“Those companies are operating in the background, tracking what you’re looking at, tracking what websites you’re looking at,” he said. “Within Fetch, consumers are actively providing us and giving us their data, and they’re getting rewards for it. So there’s this exchange happening that doesn’t happen with many of the others currently in the spotlight.” 

As the business looks to expand outside of the United States, it recently launched a Spanish version of the app. It has begun launching in restaurants, Kennedy said, highlighting initial partnerships with companies like Papa John’s, Panera Bread and Wendy’s. 

He also discussed expanding into “more experiential rewards” rather than redeemable gift cards, such as tickets to sporting events. 

“Our goal is to become the world’s rewards program, and to do that we’re expanding across more verticals and we’re looking to expand internationally in the next couple of years,” he said. 

Listen to an earlier WisBusiness.com podcast with Fetch Rewards CEO Wes Schroll: https://www.wisbusiness.com/2021/wisbusiness-the-podcast-features-fetch-rewards-ceo/ 

— The number of new home building permits in the second quarter of this year declined 24 percent from the same period of 2021, according to the Wisconsin Builders Association. 

The group’s release shows 3,328 permits between April 1 and June 30 of this year, compared to 4,382 permits during the second quarter last year. This decline comes after an 11 percent year-over-year decrease in permits for the first quarter, per the release. 

The organization points to high mortgage rates and inflation as likely reasons for the decline. 

WBA President Cory Sillars says last year’s low mortgage rates “tremendously aided the homebuilding industry” by offsetting high material prices. But now that mortgage rates have risen about 2 percent in several months, Silars says building a home has become more difficult for the average homeowner. 

“Hopefully we are at or near the peak of inflation and see prices declining soon, making building a home more realistic for many, as we’re unlikely to see mortgage rates come down this calendar year,” he said in the release. 

The year-to-date numbers show a 10.9 percent decrease from June 2021, slightly better than the 11.2 percent decrease for the Midwest region. At the national level, that number is 3.6 percent. 

Still, some counties including Buffalo, Jackson, Marquette, Vilas and Rock continue to see growth in new home building, the builders group says. 

See the release: https://www.wisbusiness.com/2022/wisconsin-builders-association-homebuilding-sees-24-percent-decrease/ 

— Total equalized property values in Wisconsin increased 14 percent last year, the latest Department of Revenue report shows. 

According to the state agency’s latest Equalized Values Report, total statewide equalized property value reached $745 billion as of Jan. 1, 2022. The annual increase was the largest seen since 1979, according to DOR, and amounted to a $90.6 billion gain in value. 

The agency notes growth was seen across all property classes, led by residential and commercial properties with 15 percent and 13 percent increases, respectively. Meanwhile, manufacturing property saw a 5 percent change. 

Market value changes accounted for an increase of $77.3 billion while new construction resulted in an increase of $11.6 billion, the report shows. 

See the DOR report here: https://www.wisbusiness.com/2022/dept-of-revenue-equalized-values-report-shows-strong-increase/ 

— The UW System has announced an initiative aimed at getting more first-generation and low-to-moderate income students to graduate with a bachelor’s degree. 

The Wisconsin Tuition Promise effort will support about 8,000 students once it’s fully implemented over a four-year period, according to a release. The UW System says it plans to fund the program’s first year in academic year 2023-24 with $13.8 million, and seek state investment for following years. 

The program would cover up to four years of tuition and fees for UW System students from families making less than $62,000 each year. Modeled after UW-Madison’s Bucky’s Tuition Progress program, it’s meant to offer “last dollar” support after federal and state grant aid is calculated. 

 “A college degree needs to be within reach for every Wisconsin citizen as a path to a better life, and the Wisconsin Tuition Promise will provide these opportunities,” System President Jay Rothman said in the release. “It is also how we can close the skills gap that now limits Wisconsin’s potential to thrive in a global economy.”

See the release: https://www.wispolitics.com/2022/uw-system-president-jay-rothman-announces-wisconsin-tuition-promise-with-uw-milwaukee-uw-parkside-and-uw-whitewater/ 

— DHS is urging parents and guardians to get their children vaccinated and boosted to avoid a COVID-19 surge in the coming school year. 

While about 389,000 kids aged 5 to 17 in Wisconsin have gotten the primary series of a COVID-19 vaccine, the Department of Health Services says many in this age range are not yet fully vaccinated. 

Agency figures show about 75 percent of Wisconsin children aged 5 to 11 and about 40 percent of those aged 12 to 17 aren’t fully vaccinated against the virus. 

COVID-19 vaccines are available to anyone aged 6 months or older in Wisconsin at no cost, the DHS release notes. 

DHS Bureau of Communicable Disease Director Traci DeSalvo says many children fell behind on routine childhood vaccinations during the pandemic. 

“Cooler fall weather, schools being in session, and the coming winter mean people will spend more time inside and in closer proximity to each other,” she said in the release. 


“Vaccination remains the best way to prevent a surge in COVID-19 cases and a disruption in our schools, universities and lives.”

Statewide, 64.7 percent of Wisconsin residents have gotten at least one dose of a COVID-19 vaccine, and 61.5 percent have completed the vaccine series. Another 35.3 percent have received an additional or booster dose. 

See the release: https://www.dhs.wisconsin.gov/news/releases/081522.htm 

<i>For more of the most relevant news on COVID-19, reports on groundbreaking health research in Wisconsin, links to top stories and more, sign up today for the free daily Health Care Report from WisPolitics.com and WisBusiness.com.</i>

Sign up here: http://forms.gle/o8FtqTLviGJPja8C9

#TOP STORIES#

# UW System launches tuition promise for Milwaukee, Parkside, Whitewater campuses

# Waukesha manufacturer looks to revolutionize beer production with Pewaukee demonstration brewery

https://www.bizjournals.com/milwaukee/news/2022/08/14/waukesha-manufacturer-looks-to-revolutionize-beer.html

# The bumpy road to electric buses in Madison

https://captimes.com/news/government/the-bumpy-road-to-electric-buses-in-madison/article_59264901-4071-5af4-939a-66a2c1a15bc2.html

#TOPICS#

# AGRIBUSINESS 

– USDA adjusts crop yield projections for Wisconsin

http://wisconsinagconnection.com/story-state.php?Id=817&yr=2022

# BANKING 

– Bank First now has 26 locations in Wisconsin after merger with Denmark State Bank

https://www.postcrescent.com/story/money/2022/08/15/bank-first-expands-wisconsin-denmark-state-bank-merger/10327497002/

# CONSTRUCTION 

– Road repair starts in Peninsula State Park

# ENVIRONMENT 

– New climate deal spurs hopes of more carbon storage projects

# LABOR 

– Briggs & Stratton will begin layoffs at Burleigh facility in September

# REAL ESTATE 

– Milwaukee-area home sales decline 17% in July with listings down, prices up

https://www.bizjournals.com/milwaukee/news/2022/08/15/gmar-home-sales-july-2022.html

# RETAIL 

– Kohl’s names new chief marketing officer

https://www.bizjournals.com/milwaukee/news/2022/08/15/kohl-s-names-new-chief-marketing-officer.html

– Judge gives Northridge owners 5 days to secure mall before fines start

https://www.bizjournals.com/milwaukee/news/2022/08/15/northridge-mall-fires-daily-fines-court-hearing.html

# SPORTS 

– Luxe Golf Bays make long-awaited debut at Ballpark Commons

https://www.bizjournals.com/milwaukee/news/2022/08/15/look-luxe-golf-bays-ballpark-commons.html

# TOURISM 

– Irish Fest attendance expected to fully rebound this year

https://www.bizjournals.com/milwaukee/news/2022/08/15/irish-fest-expects-100-000-in-attendance-this-year.html

# TRANSPORTATION 

– As electric vehicle demand rises, does Wisconsin have enough chargers?

https://www.jsonline.com/story/communities/lake-country/2022/08/15/electric-vehicle-interest-rises-does-wisconsin-have-enough-chargers/10237543002/

# PRESS RELEASES

<i>See these and other press releases: 

https://www.wisbusiness.com/press-releases/ </i>

Wisconsin Builders Association: Homebuilding sees 24 percent decrease

Dept. of Revenue: Equalized Values Report shows strong increase