Total amount raised
$355 Millions
Latest funding date
12/1/2022
Location
ShopBack has successfully raised significant funding across multiple rounds, attracting a diverse group of investors. The platform offers cashback services, promo codes, and vouchers, partnering with over 2,000 brands to enhance the shopping experience.
Keep reading to explore the intricacies of ShopBack's fundraising journey and the investors backing this innovative platform.
What Is ShopBack?
ShopBack, founded in 2014 in Singapore, is an e-commerce loyalty platform that offers cashback services from online stores. The company was established by Bryan Chua, Henry Chan, Joel Leong, and Lai Shanru.
ShopBack enhances the shopping experience by providing up to 30% cashback for consumers and cost-effective marketing solutions for merchant partners. The platform partners with over 2,000 brands and operates in multiple Southeast Asian countries.
With a workforce of 501-1000 employees, ShopBack continues to grow, offering a one-stop lifestyle portal that powers smarter purchase decisions for consumers.
How Much Funding Has ShopBack Raised?
- Seed Round
- Amount Raised: $600K
- Date: March 2015
- Lead Investors: East Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the platform and build initial partnerships.
- Seed Round
- Amount Raised: $14.4M
- Date: January 2016
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand operations and enhance technology infrastructure.
- Series A
- Amount Raised: $25M
- Date: November 2017
- Lead Investors: Credit Saison
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale the platform and enter new markets.
- Series B
- Amount Raised: $45M
- Date: April 2019
- Lead Investors: EV Growth, Rakuten Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further expand market reach and improve user experience.
- Series B
- Amount Raised: $30M
- Date: March 2020
- Lead Investors: Temasek Holdings
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance platform features and increase user acquisition.
- Series E
- Amount Raised: $40M
- Date: October 2021
- Lead Investors: Temasek Holdings
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To prepare for potential IPO and strengthen market position.
- Series F
- Amount Raised: $80M
- Date: June 2022
- Lead Investors: Asia Partners Fund Management
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate growth and expand into new regions.
- Series F
- Amount Raised: $80M
- Date: October 2022
- Lead Investors: 65 Equity Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance technological capabilities and user engagement.
- Series F
- Amount Raised: $40M
- Date: December 2022
- Lead Investors: Westpac
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To gear up for an IPO and solidify market leadership.
Total Amount Raised: $354M. Current Valuation: Not publicly disclosed.
Key Investors
- Westpac
- Details: Westpac is one of Australia's largest banks, providing a wide range of financial services. It has a strong presence in both retail and business banking sectors.
- Investment Focus Areas: Financial services, banking, fintech.
- Notable Investments: Afterpay, Zip Co, SocietyOne.
- 65 Equity Partners
- Details: 65 Equity Partners is an investment firm that focuses on growth-stage companies. It aims to support businesses in scaling their operations and achieving long-term success.
- Investment Focus Areas: Growth-stage companies, technology, consumer goods.
- Notable Investments: Not publicly disclosed.
- Asia Partners Fund Management
- Details: Asia Partners Fund Management is a private equity firm that invests in technology and technology-enabled companies in Southeast Asia. The firm focuses on growth-stage investments.
- Investment Focus Areas: Technology, e-commerce, digital media.
- Notable Investments: RedDoorz, Carsome, Snapask.
- Temasek Holdings
- Details: Temasek Holdings is a Singaporean investment company with a diverse portfolio. It is known for its strategic investments in various sectors globally.
- Investment Focus Areas: Financial services, telecommunications, media, technology.
- Notable Investments: Alibaba, Gojek, Meituan-Dianping.
- Credit Saison
- Details: Credit Saison is a Japanese financial services company specializing in credit card issuance and consumer credit. It is one of the largest credit card companies in Japan.
- Investment Focus Areas: Financial services, fintech, consumer credit.
- Notable Investments: Grab, Paidy, Orico.
What's Next for ShopBack?
ShopBack is poised to capitalize on the burgeoning e-commerce market in Southeast Asia, where online shopping continues to grow rapidly. With its extensive network of over 2,000 brand partners, the platform is well-positioned to tap into new consumer segments and expand its user base. The potential for growth is substantial, given the increasing internet penetration and digital payment adoption in the region.
Future fundraising opportunities are likely as ShopBack aims to enhance its technological capabilities and user engagement. The company has already demonstrated its ability to attract significant investment, and with plans for an IPO, additional funding rounds could be on the horizon to support its ambitious expansion goals.
However, ShopBack may face challenges such as intense competition from other cashback and loyalty platforms, as well as navigating regulatory landscapes in different markets. Ensuring data privacy and security will also be crucial as the platform scales. Despite these hurdles, ShopBack's strategic vision and strong investor backing position it well for continued success.
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