ShopBack raises US$45M as eCommerce surges in Southeast Asia
ShopBack, the
one-stop rewards and discovery platform, has secured US$45M in its latest
funding round. Participants are co-led by EV Growth and Rakuten Capital, as
well as EDBI, the
corporate investment arm of Singapore’s Economic Development Board. The new capital injection brings the
company’s total funding to US$83M.
“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.
ShopBack is cashing in on the region’s
growth by linking online merchants to the most engaged mobile internet users in
the world. Apart from rewarding users with cashback for making online
purchases, ShopBack also helps merchants make better business decisions with
data insights powered by ShopBack’s growing user base.
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 Philippines, ShopBack is a strong marketing
channel for Lazada, ZALORA, Shopee, FoodPanda, Agoda, Booking.com, and more. ShopBack Philippines saw a 900%
increase in the number of users last year, propelled by traffic that grew by
nearly 10 times in Q4 2018. Today, it sustains a month-on-month growth of up to
75%.
ShopBack’s new round of funding will
be deployed into simplifying shopping experiences, expanding data capabilities
to fuel personalization 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
is the one-stop rewards and discovery platform that helps users make smarter
shopping decisions. Users save time and money when they engage a service or buy
a product via ShopBack, and also look to ShopBack for inspiration for their
next dream vacation and gadget picks. The platform enables brands and merchant
partners to reach millions of engaged users across 7 countries in the Asia
Pacific today.
ShopBack
now powers purchase decisions across multiple lifestyle categories in the
online space, including e-commerce, online 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 purchase habits—both online and offline.
The comprehensive view of users’ digital wallet spend across multiple
markets, platforms and categories enables ShopBack to deliver personalized
shopping experiences for its users, as well as targeted and cost-effective marketing
solutions for its merchant partners.
0 comments