ShopBack Co-Founders Henry Chan and Joel Leong (in black Ts ) with 65 Equity Partners CEO Tan Chong Lee (L) and Adrienne Teh
Southeast Asia’s online shopping and rewards platform ShopBack has signed an agreement with Temasek-backed 65 Equity Partners to raise US$80 million.
The announcement follows an earlier US$80 million tranche led by Asia Partners in July 2022, bringing the total capital raised in the Series F round to US$160 million.
The completion of the raise is subject to customary regulatory approvals.
Following the investment, 65 Equity Partners will join ShopBack’s Board of Directors and directly support its public readiness efforts.
The fresh infusion will help ShopBack grow its platform across the Asia Pacific region. The capital will also be used to launch new shopping products for users, develop growth and payments solutions for merchant partners, extend its services to more markets, and build capabilities for public market readiness.
Also Read: ShopBack acquires hoolah to strengthen ‘buy now, pay later’ offerings in Asia Pacific
Henry Chan, Co-Founder and CEO of ShopBack, said: “Over the coming months, we will be rolling out features that will enhance the shopping experience for our users, while to our merchant partners, we remain a trusted growth partner, delivering cost-effective marketing solutions to support their growth aspirations.”
Established in 2014, ShopBack offers many shopping deals, rewards and payment methods at the users’ fingertips. The platform claims to serve over 35 million shoppers across ten markets.
The company said it powers over US$3.5 billion in annual sales for over 10,000 online and in-store merchant partners. It has a presence in Singapore, Malaysia, Indonesia, the Philippines, Thailand, Taiwan, and Hong Kong.
The group has advanced product innovation and regional expansion this year. In January, it launched ShopBack Pay for its 2 million users in Singapore and Australia to check out conveniently at more than 3,000 merchant outlets.
In November 2021, ShopBack acquired the buy-now-pay-later company hoolah for an undisclosed amount as part of its foray into financial services. A year earlier, it bought South Korea’s largest online cashback platform Ebates Jorea from Japanese e-commerce giant Rakuten, a backer of ShopBack’s US$45 million funding round in 2019.
“This investment aligns strategically with our mandate of supporting high-growth businesses led by founders and entrepreneurs in their continued business development, as well as facilitating their potential listings on the Singapore Exchange,” said Tan Chong Lee, CEO of 65 Equity Partners.
ShopBack also recently strengthened its management bench to spearhead its growth efforts, bringing on board CTO San Oo from communications giant Slack Technologies, Commercial MD Alessio Romeni, formerly CRO of Zalora, and Global Accounts MD Alexander Yardley, who previously headed up commercial leadership roles at Agoda and eBay.
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