ShopBack raises US$45M in last funding round
ShopBack, a rewards and discovery platform, secured US $45M in its latest funding round last April 10. Co-led by EV Growth and Rakuten Capital and EDBI, the development propels the company’s total funding to US $83M and underscores the eCommerce surge in Southeast Asia.
ShopBack is a cashback reward program that helps users make smart shopping decisions. Users get to save time and resources when they utilize a service or buy products via ShopBack. They may opt to turn to ShopBack for getaway inspiration or gadget picks also.
ShopBack is cashing in on Southeast Asia’s growth by partnering with online merchants to engage more users. Through ShopBack, users are provided information with data insights from its growing base.
“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,” said Prashant Kala, Country Head of ShopBack Philippines.
In 2018, ShopBack had 250 percent year-on-year growth in sales and orders. The company powered more than 2.5 million monthly transactions for more than 7 million users in seven Asia Pacific countries. The company also generated 1 billion USD in sales for over 2,000 merchant partners both online and offline.
Currently, ShopBack powers purchase decisions for numerous lifestyle categories online including e-commerce, travel, ride-hailing, and food delivery. The company is poised to deliver more smart shopping solutions with its growing presence online.