ShopBack secures US$45M funding led by Rakuten, EV Growth
The Singapore-based rewards app ShopBack announced today that it has raised US$45 million in funding led by Japan-based Rakuten Capital and EV Growth. EDBI – the government-related strategic investor also took part in the round.
It puts the total investment number at US$83 million.
Amit Patel, CEO of Ebates, Inc., Rakuten’s company, and Wilson Cuaca, Managing Partner of EV Growth, will join ShopBack’s board of directors.
Shopback said that it plans to use the funding for simplifying the shopping experience for its users, expanding data analytics capability to be able to give both business and personal insights. It also wants to accelerate growth in its primary markets.
The company said that it is in the middle of building a cashback rewards feature that allows users to discover and get rewards.
“ShopBack has cemented its position as a leader across APAC region with its customer service, strong user base, and talented team. Rakuten is happy to back ShopBack for further acceleration,” said Amit Patel, Ebates’ CEO.
ShopBack offers cashback for major platforms such as Foodpanda, Booking.com, Alibaba’sTaobao, and Airbnb.
Partnerships that ShopBack have include names like Visa and Mastercard.
Since being established five year ago, ShopBack has attracted investors like SoftBank Ventures Asia.
The startup operates across Asia and just last year expanded to Australia, its first market outside of the region. It also opened a research and development centre in Vietnam and Taiwan that it said has helped triple its numbers of tech, data, and product management talents.
ShopBack said that it had close to US$1 billion in sales from around 2,000 merchants in 2018.