Temasek-backed cashback app ShopBack set to raise Series E round

Photo by Kit Suman on Unsplash

Singapore-based cashback and rewards platform ShopBack is currently raising capital in its Series E round from new and existing investors, according to ACRA financial filings accessed by DealStreetAsia.

The new round will see the participation from existing investors namely Dynasty Kingdom Investment, Chunghwa Pochome Fund, and Marsela I Ltd, as well as new investors Dynasty Kingdom Pte Ltd, Pelago Holdings and Indies Capital.

While the total amount that the company is looking to raise could not be ascertained, it has so far raised S$9.2 million ($6.8 million) in the said round, the filing further revealed.

Of the said corpus, as much as S$2.76 million was raised from Marsela I Ltd, while S$2.53 million came in from Dynasty Kingdom Pte Ltd. In addition to that, S$1.54 million was pumped in by Pelago Holdings, S$1.54 million by Indies Capital, S$766,480 by Dynasty Kingdom Investment, and finally, S$58,450 by Chunghwa Pochome Fund.

Few details can be found online about Dynasty Kingdom Pte Ltd or Dynasty Kingdom Investment. Initial research revealed that Dynasty Kingdom Pte Ltd is a holding company newly incorporated in Singapore in April 2021, while Dynasty Kingdom Investment is a registered company in the UK and had first invested in ShopBack in 2017.

In addition, ShopBack co-founders Henry Chan, who is also the firm’s CEO, and Joel Leong both sold some of their shares to Chunghwa Pochome Fund, Pelago Holdings, Indies Capital and January Capital in a series of secondary transactions this month, show the filings.

Founded in 2014 by Joel Leong and Henry Chan, ShopBack gives shoppers cashback on purchases made from any of its over 4,000 merchant partners including Sea Group’s Shopee, Taobao, Lazada, Amazon SG and iHerb. The company is currently present in Singapore, Malaysia, Indonesia, the Philippines, Thailand, Taiwan, Australia and Vietnam, serving over 19 million users as of early 2020.

ShopBack had last raised $30 million in March 2020, led by Temasek, bringing its total funding to $113 million. Its existing investors include Rakuten, East Ventures, EDBI, January Capital, Credit Saison, Qualgro and Singtel Innov8.

The startup had then said that the funding will be used to improve its technology infrastructure, expand data capabilities and drive growth in its existing markets.

In April 2020, ShopBack had expanded into South Korea with the acquisition of the country’s largest online cashback platform Ebates Korea from Rakuten, which invested in ShopBack’s $45-million funding round in April 2019.

In the same year, ShopBack also sold budgeting and financial Q&A site Seedly to CompareAsiaGroup in October for an undisclosed amount. It had acquired Seedly in 2018 for $2.12 million, according to VentureCap data.

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.