SG's ShopBack raises $80m in new capital led by Asia Partners

Team Shopback. Photo: ShopBack

Singapore-based cashback platform ShopBack has raised $80 million in new capital led by Asia Partners, according to a statement on Friday. Existing investor January Capital also joined the round.

DealStreetAsia understands that the funding will form part of ShopBack’s targeted $150-million Series F round, which the firm targets to raise in the coming months.

One source added that ShopBack’s Series F latest share price stands at $9.098 per share, representing a 25% rise from its previous round. As such, this should give ShopBack a post-money valuation of $625 million upon the successful close of this round.

According to a statement, the fresh proceeds will be used to develop new and innovative products for users and merchant partners, deepening its presence across the Asia Pacific, and building capabilities for public market readiness.

ShopBack’s announcement comes shortly after the launch of ShopBack Pay, a payment feature with over two million users in Singapore and Australia, and more than 3,000 merchant outlets. Last December, ShopBack acquired hoolah, a Southeast Asian buy now pay later startup to deepen its foray into financial services.

“Each day, we send more than one million shopping journeys to over 10,000 partner merchants, where consumers can discover deals, compare products, get rewarded, and pay for their purchases. To merchants, we remain a trusted partner, delivering cost-effective marketing solutions to support their growth aspirations,” said Henry Chan, co-founder and CEO of ShopBack Group.

ShopBack has also strengthened its leadership team in recent months, roping in former Slack Technologies executive San Oo as chief technology officer (CTO) as well as former Zip Co Limited’s chief commercial officer Hamish Moline as managing director for financial services.

ShopBack generated $75.64 million in revenue and accrued a net loss of $18.46 million for the financial year of 2020, according to DealStreetAsia’s Data Vantage. The firm’s major investors include Temasek Holdings, Rakuten Capital, Singtel Innov8 and Qualgro Partners.

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