ShopBack secures US$45 million funds to enhance platform
KUALA LUMPUR: ShopBack, the one- stop rewards and discovery platform, has secured US$ 45 million in its latest funding round.
According to a press statement, new investors include co-leads EV Growth and Rakuten Capital, as well as EDBI along with other existing investors. Ebates Inc chief executive officer Amit Patel, and Willson Cuaca, managing partner of EV Growth, will join ShopBack’s Board of directors. The new capital injection brings the company’s total funding to US$ 83 million.
ShopBack’s new round of funding will be deployed into simplifying shopping experiences, expanding data capabilities to fuel personalisation and business insights, as well as accelerating growth in key markets.
The company remains focused on building rewards and discovery features to enhance online shopping experiences for consumers across the Asia Pacific.
With an established presence in Malaysia, Singapore, Indonesia, the Philippines, Thailand, Taiwan, and Australia, ShopBack has been working with leading e- commerce merchants since 2014, rewarding consumers with cashback whenever they make an online purchase.
In 2018, ShopBack saw 250 per cent year- on-year growth in orders and sales. The company powered over 2.5 million monthly transactions for more than seven million user’s in seven Asia Pacific countries, and delivered close to US$1 billion sales for over 2,000 merchant partners.
In the same year, ShopBack entered Australia, its first market outside Asia. It also opened research and development hubs in Vietnam and Taiwan, driving a threefold increase in its Engineering, Data and Product Management talent pool.
“We are constantly energised by ShopBack’s rapid growth since its early days. As a follow-on investor from East Ventures to EV Growth, the founders have stayed true to the company’s mission of helping end users make smarter purchase decisions.
“Their dedication to continuous product innovation and excellence is tremendous. We are excited for them to maximise Asia Pacific’s extraordinary growth potential and propel further,” Willson said.
ShopBack now powers purchase decisions across multiple lifestyle categories including emarketplace, online travel, ride hailing and food delivery.
“The fresh funding adds firepower to our innovative efforts centered on simplifying shopping experiences for users while building smarter marketing solutions.
“We’re now better equipped to not only deliver cost-efficient sales to our merchant partners, but also to leverage user insights across categories to do cross- selling efficiently,” ShopBack Malaysia Country general manager Alvin Gill shared.