Singapore-based shopping and rewards company ShopBack announced yesterday (October 3) that it has entered into a subscription agreement with 65 Equity Partners for US$80 million of equity capital in an extended Series F funding round.
Earlier in July, ShopBack had raised US$80 million tranche led by Asia Partners, bringing its ongoing Series F round to a total of US$160 million.
The raise will provide the Group with additional capital to build its platform across Asia Pacific.
It will also be invested into launching new shopping products for users, developing growth and payment solutions for merchant partners, extending its services to more markets, and building capabilities for public market readiness.
Over the coming months, ShopBack will be rolling out features that will enhance the shopping experience for its users.
“We are thankful to have successfully raised an oversubscribed fundraising round during these tumultuous times, underscoring strong fundamentals of the ShopBack business model. Our new partners bring a wealth of expertise and knowledge which will be critical for the next phase of our journey. We are excited to welcome onboard the 65 Equity Partners team and look forward to a fruitful and fulfilling partnership in the years to come,” said Henry Chan, co-founder and CEO of ShopBack Group.
ShopBack sees steady growth
The Group has made significant advances in product innovation and regional expansion this year.
In January 2022, it launched ShopBack Pay, where over two million users in Singapore and Australia can now check out conveniently at more than 3,000 merchant outlets. This launch came following its acquisition of Buy Now, Pay Later (BNPL) firm hoolah last December, as part of its foray into financial services.
Then in August this year, it launched its cashback service in Hong Kong.
ShopBack also recently strengthened its management bench to spearhead its growth efforts, bringing onboard Chief Technology Officer San Oo from communications giant Slack Technologies; Commercial Managing Director Alessio Romeni, who is formerly Chief Revenue Officer of fashion e-commerce powerhouse Zalora; and Global Accounts Managing Director Alexander Yardley, who previously headed up commercial leadership roles at Agoda and eBay Inc.
Following the investment, 65 Equity Partners will join ShopBack Group’s Board of Directors and play a direct role in supporting the Group’s public readiness efforts. The completion of the raise is subject to customary regulatory approvals.
“We are excited to partner ShopBack in their next phase of growth, as the company further strengthens its position as the leading shopping and rewards platform in the Asia-Pacific. This investment aligns strategically with our mandate of supporting high growth businesses led by founders and entrepreneurs in their continued business development, as well as facilitating their potential listings on the Singapore Exchange,” said Tan Chong Lee, CEO of 65 Equity Partners.
Featured Image Credit: ShopBack