ShopBack nets $34m in latest funding round

E-commerce firm ShopBack has raised US$25 million (S$34 million) in its latest funding round, bringing the company's total financing to date to close to US$40 million.

The latest round was led by Credit Saison, the largest credit card and retail finance company in Japan, ShopBack said in a statement yesterday.

More than 10 institutional investors participated in the round, including new investors Blue Sky, AppWorks, Intouch Holdings, Aetius Capital and 33 Capital, as well as existing investors SoftBank Ventures Korea, Singtel Innov8, Qualgro and East Ventures.

The latest funding will be used to drive three key areas of development - acquiring world-class talent, launching new product features and establishing market leadership, the firm said.

ShopBack said it handles close to 1,000 orders per hour, with an annualised sales figure of over US$300 million for more than 1,300 partner merchants across the online retail, travel and lifestyle platforms.

The latest funding will be used to drive three key areas of development - acquiring world-class talent, launching new product features and establishing market leadership, the firm said.

Over 3 1/2 million consumers across six countries in the Asia-Pacific region have signed up with ShopBack since the firm's inception in 2014, it added.

A version of this article appeared in the print edition of The Straits Times on November 08, 2017, with the headline 'ShopBack nets $34m in latest funding round'. Print Edition | Subscribe