In the second installment of its series F round, ShopBack has signed into a subscription agreement with 65 Equity Partners to raise US $80 million. The latest investor in the Singapore-based shopping and rewards network is a Temasek-supported investment company with US $3.3 billion in assets under management.
For its series F round, ShopBack has raised US $160 million when combined with an earlier US $80 million tranche led by Asia Partners in July. With the agreement, the business will have raised more than US $310 million in total.
Regulator permissions are still required before the investment can be completed. Upon completion, 65 Equity Partners will become a member of ShopBack’s board of directors and actively assist in ensuring that the business is prepared to go public.
“This investment aligns strategically with our mandate of supporting high-growth businesses as well as facilitating their potential listings on the Singapore Exchange,” said Tan Chong Lee, CEO of 65 Equity Partners.
ShopBack, a company that Henry Chan and Joel Leong founded in 2014, enables consumers to receive cashback on both online and offline purchases. It powers US $3.5 billion in yearly sales and has more than 35 million users across 10 countries. Every day, the platform supports 1 million shopping trips for its more than 10,000 merchant partners.
Additionally, the business purchased Hoolah to offer services for buy-now, and pay-later transactions and developed ShopBack Pay, a payment service, in Australia and Singapore. Shopback also debuted its cashback service in Hong Kong in August.
The company intends to utilize the additional capital to grow in other countries, create capabilities for public market preparation, and develop more products for users and merchant partners.
