16:22 | 10/04/2019 Companies
ShopBack, the one-stop rewards and discovery platform, has secured US$45M in its latest funding round. The new capital injection brings the company’s total funding to US$83M.
New investors include co-leads EV Growth and Rakuten Capital, as well as EDBI, a government-linked strategic investor, along with other existing investors. Amit Patel, CEO Ebates, Inc., a Rakuten company, and Willson Cuaca, Managing Partner of EV Growth, will join ShopBack’s Board of Directors.
Apart from rewarding users with cashback for making online purchases, ShopBack has created many features to improve users’ buying experiences. Its 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 also empowers F&B operators to make better business decisions with data insights powered by ShopBack.
In 2018, ShopBack saw 250% year-on-year growth in orders and sales. The company powered over 2.5M monthly transactions for more than 7M users in 7 Asia Pacific countries, and delivered close to US$1B sales for over 2,000 merchant partners in both the online and offline spaces.
In the same year, ShopBack entered Australia, its first market outside Asia. It also opened research and development hubs in Vietnam and Taiwan, driving a threefold increase in its Engineering, Data and Product Management talent pool.
ShopBack’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. The company remains focused on building rewards and discovery features to enhance both online and offline shopping experiences for consumers across the Asia Pacific.