ShopBack, APAC’s leading cashback rewards and discovery platform, has secured US$45M in its latest funding round. The new capital injection brings the company’s total funding to US$83M after a year of 250% growth.
New investors include co-leads EV Growth and Ebates, Inc., as well as existing investor, Qualgro. Amit Patel, CEO Ebates, Inc., and Willson Cuaca, Managing Partner of EV Growth, will join ShopBack’s Board of Directors.
Stellar YOY growth trajectory
In 2018, ShopBack saw 250% year-on-year growth in orders and sales. The company powered over 2.5M monthly transactions for more than 7M users in 7 Asia Pacific countries, and delivered close to US$1B sales for over 2,000 merchant partners in both the online and offline spaces.
In the same year, ShopBack entered Australia, its first market outside Asia. ShopBack Australia has since experienced a phenomenal growth trajectory, with over 300,000 sign ups and a nearly 1,300% increase in purchases made by smart shoppers via the ShopBack mobile app, from May 2018 to March 2019.
Commitment to driving innovation
Rewarding Aussies with cashback for making online purchases, ShopBack has also developed a raft of innovative features to improve consumers’ buying experiences. Its latest product, ShopBack GO, helps users discover and decide where to eat while saving them time and money.
Launched in partnership with Visa and Mastercard in Singapore, ShopBack GO enables users to dine out and get paid, whilst also empowering F&B operators to make better business decisions with data insights driven by ShopBack.
In 2018, ShopBack also opened research and development hubs in Vietnam and Taiwan, driving a threefold increase in its Engineering, Data and Product Management talent pool.
Its new round of funding will be deployed into simplifying shopping experiences, expanding data capabilities to fuel personalisation and business insights, as well as accelerating growth in key markets. The company remains focused on building rewards and discovery features to enhance both online and offline shopping experiences for consumers across the Asia-Pacific.
ShopBack, the first stop before millions of users shop
ShopBack helps users make smarter shopping decisions, saving them time and money when they engage a service or purchase a product via the online portal, and utilising ShopBack as a discovery platform for their purchasing decisions. The platform enables brands and merchant partners to reach millions of engaged users across seven countries in the Asia-Pacific today.
ShopBack now operates across multiple online lifestyle categories including e-commerce, travel, ride hailing and food delivery; with its growing presence in the offline space, the company is well-positioned to deliver smart shopping solutions tailored to consumers’ evolving purchasing habits.
The comprehensive view of users’ digital wallet spend across multiple markets, platforms and categories, enables ShopBack to deliver personalised shopping experiences for its subscribers, as well as targeted and cost-effective marketing solutions for its merchant partners.
Angus Muffet, Country General Manager, ShopBack Australia said:
“As we turn our attention to further business growth, the funding we have received will be used to drive three key areas of development. We will continue building our teams in Asia-Pacific, launching new product features, and establishing our market leadership in each of the regions we have a presence in.”
“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.”
Willson Cuaca, Managing Partner, EV Growth said:
“We are constantly energised by ShopBack’s rapid growth since its early days in market. As a subsequent investor from East Ventures to EV Growth, the founders have stayed true to the company’s mission of helping consumers make smarter purchase decisions. Their dedication to continuous product innovation and excellence is faultless. We are excited for them to maximise Asia-Pacific’s extraordinary growth potential and propel further.”
Amit Patel, CEO Ebates, Inc. said:
“I’m incredibly excited to join as a member of the ShopBack Board. The company 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. We look forward to support the ShopBack team to accelerate its next stage of growth.
Source: Shopback Australia