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Terence Lee · · 3 min readTemasek joins ShopBack’s $75m funding round
Temasek is now a shareholder in ShopBack, the top cashback platform in Southeast Asia. The Singapore state fund is leading a US$30 million top-up to the US$45 million funding round the startup raised last year.
The money will fund ShopBack’s expansion into Asia and beyond its core cashback service.
Existing backers Rakuten, EDBI, EV Growth, Cornerstone Ventures, and 33 Capital have also chipped in.
The startup has now raised a total of US$113 million since its inception. The new funds will cushion it through a rough economy – which is impacting the retail and F&B industry.
Photo credit: ShopBack
In the past two years, the company has extended into physical retail rewards via ShopBack Go with the goal of replacing paper loyalty cards.
It’s been diversifying beyond cashback, allowing users to discover new deals on the app. In Taiwan, users can even perform price comparisons, ShopBack CEO and co-founder Henry Chan tells Tech in Asia.
In 2018, the startup acquired Seedly, a financial media company for millennials.
It has also been investing in growth. In the financial year ending March 2019, it has increased both its top-line and bottom-line figures. Chan notes, though, that its business in Singapore is already profitable in terms of earnings before interest and tax (EBIT).
Financial figures for ShopBack (Ecommerce Enablers Pte. Ltd), in US$ millions:
| FY ending March 2019 | FY ending March 2018 | |
| Revenue | 27.4 | 13.7 |
| Cost of services | -21.2 | -10 |
| Sales and marketing costs | -9 | -4.7 |
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The money will fund ShopBack’s expansion into Asia and beyond its core cashback service.
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