Singapore-based shopping and rewards platform ShopBack announced Monday that it has entered into a subscription agreement with 65 Equity Partners for $80 million of equity capital in an extended Series F funding round.
The announcement follows an earlier $80 million tranche led by Asia Partners in July 2022, bringing its ongoing Series F round to a total of $160 million.
ShopBack said in a statement that the raise will provide the group with additional capital in its bid to build the leading shopping and rewards platform across the Asia Pacific region.
The capital will be invested into launching new shopping products for users, developing growth and payments solutions for merchant partners, extending its services to more markets, and building capabilities for public market readiness.
“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 Chief Executive Officer of ShopBack.
“Over the coming months, we will be rolling out features that will enhance the shopping experience for our users, while to our merchant partners, we remain a trusted growth partner, delivering cost-effective marketing solutions to support their growth aspirations,” he added.
According to the statement, the group has made significant advances in product innovation and regional expansion this year.
In January, 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.
Last December, ShopBack acquired hoolah, a leading “buy now, pay later” (BNPL) player in Southeast Asia, as part of its foray into financial services. In August, it launched its cashback service in Hong Kong.
Meanwhile, 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, Chief Executive Officer of 65 Equity Partners.
ShopBack also recently strengthened its management bench to spearhead its growth efforts, bringing on board Chief Technology Officer San Oo from communications giant Slack Technologies, Commercial Managing Director Alessio Romeni, formerly Chief Revenue Officer of fashion ecommerce powerhouse Zalora, and Global Accounts Managing Director Alexander Yardley, who previously headed up commercial leadership roles at Agoda and eBay Inc.
ShopBack is Asia-Pacific’s leading shopping and rewards platform founded in 2014, serving over 35 million shoppers across ten markets.
The Group powers over $3.5 billion in annual sales for over 10,000 online and in-store merchant partners.
In 2022, ShopBack launched ShopBack Pay and PayLater, extending the platform’s offerings into financial services, providing shoppers responsible and convenient payment options at checkout.
ShopBack launches ShopBack PayLater alongside global brand refresh