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Miguel Cordon · · 1 min readShopBack banks $40m funding from East Ventures, Temasek, others
“Singapore-based startup ShopBack has raised another A$55 million (about US$40 million) after a US$75 million raise in March last year,” The Australian Financial Review reported.
Details:
- The new investment – which saw participation from Temasek, East Ventures, EDBI, Indies Capital, and January Capital – was announced in March, but it was only filed with regulators this week after being approved by the Australian Foreign Investment Review Board. ShopBack has now raised a total of US$145 million.
- The cashback major plans to use the fresh funds to onboard new customers and merchants to its platform and develop new products for ecommerce and brick-and-mortar stores.
Dive deeper:
- ShopBack currently has almost 30 million users and has helped facilitate over US$7.3 billion in revenue for more than 5,000 merchant partners, the report noted.
- Amid the Covid-19 pandemic last year, ShopBack’s 2020 financial report showed that it was able to grow its revenue 150% year on year. (Read: ShopBack posts 150% revenue growth, earns 3x return on Seedly investment)
Currency converted from Australian dollar to US dollar: US$1 = A$1.37.
Editing by Collin Furtado and Jaclyn Tiu
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