ShopBack, the one-stop rewards and discovery platform, has secured US$45M in its latest funding round. Right now, they are in the Series B funding round. Co-led by EV Growth and Rakuten Capital. The new capital injection brings the company’s total funding to US$83M.
Other participants include EDBI and existing investors Intouch Holdings Company and Qualgro. Amit Patel, CEO Ebates, Inc., a Rakuten company, and Willson Cuaca, Managing Partner of EV Growth, will join ShopBack’s Board of Directors.
“The fresh funding adds firepower to our innovative efforts centered on simplifying shopping experiences for users while building smarter marketing solutions for merchant partners. 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.”Mr. Kawin Prachanukul, Country General Manager, ShopBack
In 2018, ShopBack saw 250% year-on-year growth in orders and sales. The company was powering over 1.5M monthly orders for more than 7M users in 7 Asia Pacific countries, delivering close to US$1B sales for over 2,000 merchant partners in both the online (e-commerce, online travel, ride hailing and food delivery) as well as offline spaces.
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.”Mr.Willson Cuaca, Managing Partner, EV Growth
“Rakuten is committed to empowering great companies around the world and I’m incredibly excited to join as a member to the ShopBack board. ShopBack has established itself as a strong leader across the Asia Pacific region and has a rare combination of dedicated customer service, a passionate customer base and an extremely talented team. Rakuten looks forward to support the ShopBack team to accelerate its next stage of growth.” Mr.Amit Patel, CEO Ebates, Inc., a Rakuten company