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March 12, 2020

Shopback raises US$75M led by Temasek to expand in Asia

Singaporean shopping cashback platform Shopback is announcing US$45 million in funding led by Temasek, with participation from Rakuten, EDBI, EV Growth, Cornerstone Ventures, and 33 Capital, according to TechInAsia.

Shopback will use the funds to expand into new markets in Asia and diversify its core cashback service.

The company with 450 staff in total said that its business in Singapore is already profitable in terms of earnings before interest and tax (EBIT).

It is currently operating in seven markets, including Taiwan and Australia.

Source

Koh Boon Hwee’s new US$100M VC fund Credence Partners to invest in Series A, B firms in Southeast Asia Temasek, others invest US$500M in America’s plant-based meat company Impossible Foods

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