Singapore rewards and discovery platform ShopBack introduced right this moment (March 12) that it has raised US$75 million in an prolonged funding spherical led by Temasek, with participation from present buyers comparable to Rakuten, EDBI, EV Progress, Cornerstone Ventures and 33 Capital.
This brings its complete funding to US$113 million since its inception in 2014.
In keeping with ShopBack, this prolonged funding will probably be used to reinforce its know-how infrastructure, broaden knowledge capabilities and drive progress in present markets.
As we speak, ShopBack has presence in Singapore, Malaysia, Indonesia, the Philippines, Thailand, Taiwan and Australia, serving over 19 million customers.
Revolutionising The E-Commerce Scene
ShopBack rewards its customers with cashback throughout a variety of classes together with normal merchandise, journey bookings, style, well being and sweetness, groceries, and meals supply.
It is among the area’s pioneers in app-to-app integration and the primary on-line rewards participant to offer a seamless, native app expertise to its customers.
In Singapore, the corporate has prolonged its service providing with ShopBack GO, an app-based rewards platform for in-store procuring, eating, and leisure.
In 2019, ShopBack noticed a 250 per cent year-on-year (YoY) progress in gross sales and orders, powered over 16 million month-to-month orders, and delivered greater than US$2 billion price of gross sales for over 2,500 service provider companions.
ShopBack’s three analysis and improvement hubs in Singapore, Taiwan, and Vietnam home a staff of over 150 engineering, knowledge and product administration skills right this moment.
“Because the frontrunner within the rewards house, ShopBack is in an awesome place to seize an outsized portion of the web procuring increase,” mentioned Henry Chan, CEO and co-founder of ShopBack.
“Product innovation and buyer focus are on the core of ShopBack, and we’re proud to have remodeled the rewards business by offering customers with a easy and seamless technique to save whereas procuring. With the brand new funding, we are going to develop new options to assist our customers save much more time and cash by making smarter shopping for selections.”
Featured Picture Credit score: ShopBack