Cashback reward app ShopBack has bagged US$30m in an extended round of funding, which was led by Temasek Holdings. A spokesperson from ShopBack has confirmed the amount to Marketing. With this additional funds, ShopBack said its total investment round amounts to US$75m. According to a press release, the extended funding will be used to enhance ShopBack's technology infrastructure, as well as to expand its data capabilities to unlock new business insights, and drive growth in its existing markets. ShopBack has declined to comment on how much of the funds would be used for marketing purposes.
Currently serving more than 19 million users in seven Asia Pacific markets (Singapore, Malaysia, Indonesia, Thailand, Philippines, Taiwan, and Vietnam), ShopBack offers cashback rewards across a range of categories including general merchandise, travel bookings, fashion, health and beauty, groceries, and food delivery. In Singapore, the company has also extended its service offering with ShopBack GO, an app-based rewards platform for in-store shopping, dining, and entertainment.The extended round of funding also saw participation from ShopBack's existing investors including Rakuten, EDBI, EV Growth, Cornerstone Ventures, and 33 Capital.
In April 2019, ShopBack secured US$45m in funding with these investors. The funding was said to be deployed into simplifying shopping experiences, expanding data capabilities to fuel personalisation and business insights, as well as accelerating growth in key markets. ShopBack said then that it remains focused on building rewards and discovery features to enhance both online and offline shopping experiences for consumers across the Asia Pacific region. According to ShopBack, the company has raised a total of US$113m since its founding in 2014.
Henry Chan, CEO and co-founder of ShopBack said with the new funding, the company will develop new features to enable its users to make smarter buying decision. “Product innovation and customer focus are at the core of ShopBack, and we are proud to have transformed the rewards industry by providing users with a simple and seamless way to save while shopping," he added.