ShopBack secures US$45m in latest funding round

Screengrab of the ShopBack internet portal at www.shopback.my.
Screengrab of the ShopBack internet portal at www.shopback.my.

KUALA LUMPUR, April 10 — ShopBack, a one-stop rewards and discovery platform, has secured US$45 million (RM184.3 million) in its latest funding round

It said the new capital injection brings the company’s total funding to US$83 million and new investors include co-leads EV Growth and Rakuten Capital, as well as EDBI along with other existing investors.

In a statement today, ShopBack said Ebates Inc — a Rakuten Company — chief executive officer Amit Patel and EV Growth managing partner Willson Cuaca would join ShopBack’s board of directors.

“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,” said Cuaca.

ShopBack said the funding raised would be used to simplify shopping experiences, expand data capabilities to fuel personalisation and business insights, and accelerate growth in key markets.

“The company remains focused on building rewards and discovery features to enhance online shopping experiences for consumers across the Asia Pacific,” it said.

In 2018, ShopBack saw 250 per cent year-on-year growth in orders and sales, and recorded over 2.5 million monthly transactions for more than seven million users in seven Asia-Pacific countries, and delivered close to US$1 billion sales for over 2,000 merchant partners.

In the same year, ShopBack entered Australia, its first market outside Asia and also opened research and development hubs in Vietnam and Taiwan, driving a threefold increase in its engineering, data and product management talent pool.

With an established presence in Malaysia, Singapore, Indonesia, the Philippines, Thailand, Taiwan, and Australia, ShopBack has been working with leading e-commerce merchants since 2014, rewarding consumers with cashback whenever they make an online purchase. — Bernama

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