Singapores Rewards App ShopBack Raises $45m Led By EV Growth, Rakuten

Published date: .

Photo: Reuters

ShopBack, a Singapore-based rewards discovery platform, has raised $45 million in a Series B funding led by EV Growth and Rakuten Capital. EDBI and other existing investors also participated in this round.

A number of appointments have also been made to ShopBack’s board as a result of the capital raise. Amit Patel, CEO of Ebates, Inc., a Rakuten company, and Willson Cuaca, managing partner of EV Growth, will join ShopBack’s board of directors.

ShopBack’s current list of investors includes SoftBank Ventures Asia, Credit Saison, Qualgro, Accel-X, East Ventures, Blue Sky Alternative Investments, NUS Technology Holdings, AppWorks Ventures, Intouch Holdings PCL, Aetius Global Limited, Cornerstone Ventures and 33 Capital Group.

According to a statement, ShopBack will deploy the new funds into simplifying shopping experiences, expanding data capabilities, and accelerating market growth. It will also continue to build rewards and discovery features for its Asia Pacific consumers on and offline.

Henry Chan, CEO and co-founder of ShopBack said: “Our rapidly growing pool of loyal users is a strong testament to the value we bring to merchant partners and consumers across Asia Pacific.”

ShopBack said that it has seen its orders and sales expand 250 per cent year-on-year in 2018. It reports over 2.5 million monthly transactions to deliver over $1 billion of sales for its seven million users across the Asia Pacific.

Last year ShopBack entered Australia, its first market outside of Asia. It has also since opened research and development hubs in Vietnam and Taiwan.

Willson Cuaca, Managing Partner at EV Growth said: “We are constantly energised by ShopBack’s rapid growth since its early days. As a follow-on investor from East Ventures to EV Growth, the founders have stayed true to the company’s mission of helping end users make smarter purchase decisions.”

ShopBack is present in seven Asia Pacific markets: Singapore, the Philippines, Malaysia, Indonesia, Taiwan, Thailand, Australia. It also holds partnerships with global names like Visa and Mastercard, as well as over 2,000 merchant partners across on and offline spaces.

Also Read:

EV Growth scales up fund target to over $200m on huge investor appetite

SG’s Quest Ventures launches $50m early-stage SEA fund, promotes two to partners

Exclusive: Singapore’s Qualgro seeks $100m for second fund