ShopBack, a Singapore-based e-commerce loyalty platform operator backed by corporate investors Credit Saison, Rakuten, InTouch Holdings, SoftBank and Singapore Telecommunications, has raised $40m, Australian Financial Review has reported.
Temasek, EDBI, East Ventures, Indies Capital and January Capital all took part in the round, according to regulatory filings seen by AFR. The company’s overall funding has now reached $145m since it was founded in 2014.
ShopBack has built a digital cashback loyalty platform for e-commerce users across the Asia-Pacific region, including in Malaysia, Indonesia, the Philippines, Thailand, Taiwan, Australia, Vietnam and South Korea.
The company also runs a Singapore-focused app dubbed ShopBack Go that generates in-store rewards. It will use the cash to expand its geographical presence and develop new products, having already announced plans to launch its services in Spain.
ShopBack had closed a $75m round in March 2020 led by Temasek, which invested alongside e-commerce group Rakuten, EV Growth (co-founded by internet company Yahoo Japan, conglomerate Sinar Mas and venture capital firm East Ventures), EDBI, Cornerstone Ventures and 33 Capital.
Rauten’s corporate venturing arm, Rakuten Capital, had co-led the round’s $45m first tranche the year before with EV Growth, and the first close included EDBI and unnamed returning backers.
Payment services firm Credit Saison led a $25m round for the company in 2017, investing with telecommunications firms InTouch Holdings, SoftBank and Singapore Telecommunications, the last two through subsidiaries SoftBank Ventures Asia and Singtel Innov8.
The round also featured 33 Capital, Qualgro VC, East Ventures, Blue Sky Ventures, Aetius Capital and AppWorks, and ShopBack named SoftBank Ventures Korea, Singtel Innov8, East Ventures and Qualgro as existing shareholders.
