SINGAPORE (Apr 10): ShopBack, the rewards and discovery platform, has secured US$45 million ($60.9 million) in its latest funding round, bringing the company’s total funding to US$83 million.
This latest funding round sees new investors, including co-leads EV Growth and Rakuten Capital, as well as EDBI, a government-linked strategic investor, along with other existing investors. Following which, Amit Patel, CEO of Ebates, a Rakuten company, and Willson Cuaca, managing partner of EV Growth, will join ShopBack’s board of directors.
Main image: (from left) Henry Chan, CEO of ShopBack with new board member Amit Patel, CEO of Ebates, a Rakuten company
ShpopBack’s new round of funding will be deployed into simplifying shopping experiences, expanding data capabilities to fuel personalisation and business insights, as well as accelerating growth in key markets.
In 2018, the company experienced a 250% y-o-y growth in orders and sales, while powering more than 2.5 million monthly transactions for over 7 million users in seven Asia Pacific countries. It also delivered close to US$1 billion sales for about 2,000 merchant partners in both the online and offline spaces.
In addition, ShopBack entered the Australian market in 2018, the first market outside Asia, and opened research and development hubs in Vietnam and Taiwan. This helped to drive a threefold increase in the company’s engineering, data, and product management talent pool.
ShopBack has been rewarding users with cashback for making online purchases and has created many features to improve users’ buying experiences.
One of ShopBack’s latest product, ShopBack GO, helps users discover and decide where to eat while saving them time and money. Launched in partnership with Visa and Mastercard, ShopBack GO enables users to dine out and get paid. The product will also empower F&B operators to make better business decisions with data insight provided by ShopBack.
