Singapore, 12 March 2020 – ShopBack, Asia Pacific’s leading rewards and discovery platform, today announced that it has raised US$30M in an extended funding round led by Temasek, with participation from existing investors including Rakuten, EDBI and EV Growth, bringing the total round size from US$45M to US$75M.
The new round of funding will be deployed into enhancing ShopBack’s technology infrastructure for future scale, expanding data capabilities to unlock new business insights, and driving growth in its existing markets. The company has raised close to US$120M since its founding in 2014.
Currently serving more than 17 million users in 7 Asia Pacific markets1, ShopBack rewards its users with cashback across a wide range of categories including general merchandise, travel bookings, fashion, health and beauty, groceries, and food delivery.
In Singapore, the company has also extended its service offering with ShopBack GO, an app-based rewards platform for in-store shopping, dining and entertainment.
Contributing to the growth of US$300B Southeast Asia internet economy
In 2019, ShopBack saw a 250% year-on-year (YoY) growth in sales and orders, powered over 16 million monthly orders and delivered more than US$2B sales for over 2,500 merchant partners.
The company’s mobile-first strategy successfully propelled ShopBack Australia into pole position3 within 18 months from launch; today, ShopBack serves over a million active customers in Australia. ShopBack’s three research and development hubs in Singapore, Taiwan, and Vietnam together house a team of over 150 engineering, data and product management talents. The company is one of the region’s pioneers in app-to-app integration and the first online rewards player to provide a seamless, native app experience to its users. “Product innovation is at the core of ShopBack,” says Henry Chan, CEO and Co-Founder of ShopBack. “We will continue to develop new features that will help users save money, save time and make smarter buying decisions in these times of economic uncertainty.”