SG’s cashback app ShopBack closes $75m round led by Temasek

ShopBack team.

Singapore-based cashback app ShopBack has secured $75 million in an extended funding round led by Singapore’s state investor Temasek.

The round was joined by existing investors Rakuten, EDBI, EV Growth, Cornerstone Ventures, and 33 Capital. The company had announced securing $45 million as part of the round in April last year.

According to a statement, the extra capital will be deployed into enhancing ShopBack’s technology infrastructure and expanding data capabilities to unlock new business insights. These will help drive its growth across Singapore, the Philippines, Malaysia, Indonesia, Taiwan, Thailand, Australia.

Henry Chan, CEO and co-founder of ShopBack, said, “With the new funding, we will develop new features to help our users save even more money and time by making smarter buying decisions.”

ShopBack boasts over 19 million users across its markets, offering cashback with its 2,000- strong merchant base across general merchandise, travel bookings, fashion, health and beauty, groceries and food delivery. In Singapore, the firm has branched into brick-and-mortar stores, allowing users to claim rewards for in-store shopping, dining and entertainment.

ShopBack’s competitors include Sequoia India-backed Fave and Wavemaker-backed Snapdeal. The Singaporean firm also competes with regional super apps such as Grab that offer rewards through their digital wallets.

Temasek, meanwhile, has been paying increased attention to Asia’s tech-enabled startups, many of which are emerging as leaders in their respective sector categories. The Singapore state investor is known to be selective when it comes to direct investments in Asia’s tech sector, but in recent months has begun to show interest to deploy more capital in this fast-growing segment.

Last year, Temasek shared that it wanted to invest in Southeast Asia’s “aspiring unicorns”, typically valued at between $100 million and $1 billion, having already backed companies such as Indonesian beauty platform Sociolla, mixed martial arts (MMA) media company ONE Championship and fashion e-commerce startup Zilingo.

Temasek has made some successful exits in this space as well, including Gojek, Razer and Lazada, and hopes to replicate its success with those investments.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.