Singapore-based consumer rewards platform developer ShopBack has received $45m in a funding round co-led by e-commerce firm Rakuten’s corporate venturing arm, Rakuten Capital, Vulcan Post reported today.
The round was led by EV Growth, venture capital firm East Ventures’ growth fund, and included EDBI, the VC branch of the Singaporean government’s Economic Development Board, and undisclosed existing investors.
Founded in 2014, ShopBack runs an online loyalty and rewards platform that gives customers cash rewards when they buy goods in online stores operated by its partners.
The platform connects to e-commerce marketplaces including Taobao, Expedia, Lazada and Zalora in Singapore, Malaysia, Indonesia, the Philippines, Thailand, Vietnam, Australia and Taiwan.
The funding will go to maintaining growth in ShopBack’s existing markets and enhancing its data capabilities so it can better tailor its service to individual users. Amit Patel, CEO of Rakuten’s rewards subsidiary, Ebates, will join its board of directors along with Wilson Cuaca of EV Growth.
The company has now raised about $85m in funding and its early backers include SoftBank Ventures Asia and Singtel Innov8, investment vehicles for telecoms firms SoftBank and Singapore Telecommunications respectively, as well as East Ventures and VC firm Qualgro.
Payment services provider Credit Saison subsequently led a $25m round for ShopBack in late 2017 that included SoftBank Ventures Asia, Singtel Innov8, telecoms company InTouch Holdings, Qualgro, East Ventures, Blue Sky Ventures, AppWorks, Aetius Capital and 33 Capital.
