ShopBack Raises Additional US$80 Million From Temasek’s 65 Equity Partnersby Fintech News Singapore October 4, 2022
Shopping and rewards platform ShopBack announced that it has extended its Series F funding round with US$80 million of equity capital from Temasek’s 65 Equity Partners. The completion of the raise is subject to customary regulatory approvals.
This follows an earlier US$80 million tranche led by Asia Partners in July 2022, bringing its ongoing Series F round to a total of US$160 million.
Additionally, 65 Equity Partners will join ShopBack Board of Directors and play a direct role in supporting the group’s public readiness efforts.
ShopBack said the capital will be invested into launching new shopping products for users, developing growth and payments solutions for merchant partners, extending its services to more markets, and building capabilities for public market readiness.
The company had soft launched in Hong Kong on 8 August as part of its ongoing expansion plans.
“We are excited to welcome onboard the 65 Equity Partners team and look forward to a fruitful and fulfilling partnership in the years to come.
Over the coming months, we will be rolling out features that will enhance the shopping experience for our users, while to our merchant partners, we remain a trusted growth partner, delivering cost-effective marketing solutions to support their growth aspirations
said Henry Chan, Co-Founder and CEO of ShopBack Group.
“We are excited to partner ShopBack in their next phase of growth, as the company further strengthens its position as the leading shopping and rewards platform in the Asia-Pacific.
This investment aligns strategically with our mandate of supporting high growth businesses led by founders and entrepreneurs in their continued business development, as well as facilitating their potential listings on the Singapore Exchange,”
said Chong Lee Tan, Chief Executive Officer of 65 Equity Partners.