Singapore-based e-commerce portal ShopBack raised $25 million in its latest funding round led by Japanese credit card and retail finance company Credit Saison, to acquire new talent, launch new product features and establish a well-grounded market share.(JG Screenshot)
ShopBack Secures $25m in New Funding Round to Fuel Expansion, Add Product Features
BY :FAISAL MALIKI BASKORO
NOVEMBER 07, 2017
Jakarta. Singapore-based e-commerce portal ShopBack raised $25 million in its latest funding round led by Japanese credit card and retail finance company Credit Saison, to acquire new talent, launch new product features and establish a well-grounded market share.
More than 10 institutional investors participated in the round, including Blue Sky and Intouch Holdings, as well as existing investors SoftBank Ventures Korea, Singtel Innov8, Qualgro, East Ventures and AppWorks.
The round brings the company’s total funding raised to date near $40 million.
ShopBack offers consumers cashback deals, promotional codes and discount vouchers that can be used on e-commerce portals like TaoBao, Ebay, MatahariMall.com and AirAsia. Shopback recently added service aggregation features for rides.
"Cashback served as the cornerstone for ShopBack’s establishment in Indonesia and laid the foundation for us to build smarter shopping solutions," Indra Yonathan, co-founder and country head of ShopBack Indonesia, said in a statement on Tuesday (07/11).
In Indonesia, the company is partnered with more than 150 online stores and, as of May this year, registered over 1 million costumers, 40 percent of which are active users.
The three-year-old start-up previously disclosed two seed funding rounds totaling over $ 1 million.
Today, ShopBack has close to 1,000 orders per hour, with an annualized sales figure of over $300 million for more than 1,300 partner merchants across the online retail, travel and lifestyle industries.
Over 3.5 million consumers across six countries in Asia Pacific have signed up with ShopBack since the company’s inception in 2014.
"It’s been really humbling to witness the growth of ShopBack. It’s exciting to see how they managed to conquer six markets within less than three years and it’s even more exhilarating for us to see how Indonesia has grown into ShopBack’s key market," said Willson Cuaca, managing partner of East Ventures.
"It is undeniable that there is still growth potential to be unlocked, both by adding categories and product extensions, around ShopBack’s core cashback offering," he added.
Sean Lee, partner of SoftBank Ventures Korea, said ShopBack’s business model builds on the explosive growth of e-commerce in the region.
"The ShopBack team has demonstrated the ability to build a pool of loyal users in a sustainable and scalable manner, which is the backbone of all successful businesses. We have high confidence that the team is able to deliver on their vision in the region, hence the follow-on 18 months after our initial investment,”" said Sean.
According to Heang Chhor, managing partner of Qualgro, "ShopBack [...] has demonstrated an exceptional ability to adapt and execute fast in very different markets across Southeast Asia. This rests on an innovative and fast-moving talent pool, that ShopBack has been able to attract, grow and motivate."