ShopBack extends oversubscribed Series F with US$80 million from 65 Equity Partners

ShopBack today announced that it has entered into a subscription agreement with 65 Equity Partners for US$80 million of equity capital in an extended Series F funding round. The announcement 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.

ShopBack’s Henry Chan (Co-Founder & CEO, 2nd from left) and Joel Leong (Co-Founder, 2nd from right), with 65 Equity Partners’ Tan Chong Lee (CEO, 1st from left) and Adrienne Teh (Investment Principal, 1st from right).

The raise will provide the Group with additional capital in its bid to build the leading shopping and rewards platform across the Asia Pacific region. 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.

“We are thankful to have successfully raised an oversubscribed fundraising round during these tumultuous times, underscoring strong fundamentals of the ShopBack business model. Our new partners bring a wealth of expertise and knowledge which will be critical for the next phase of our journey. 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,” said Henry Chan, Co-Founder and CEO of ShopBack Group.

“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,” Chan added.

The Group has made significant advances in product innovation and regional expansion this year. In January, it launched ShopBack Pay, where over two million users in Singapore and Australia can now check out conveniently at more than 3,000 merchant outlets. Last December, ShopBack acquired hoolah, a leading “buy now, pay later” (BNPL) player in Southeast Asia, as part of its foray into financial services. In August, it launched its cashback service in Hong Kong.

Following the investment, 65 Equity Partners will join ShopBack Group’s Board of Directors and play a direct role in supporting the Group’s public readiness efforts. The completion of the raise is subject to customary regulatory approvals. 

“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 Tan Chong Lee, Chief Executive Officer of 65 Equity Partners.

ShopBack also recently strengthened its management bench to spearhead its growth efforts, bringing on board Chief Technology Officer San Oo from communications giant Slack Technologies,Commercial Managing Director Alessio Romeni, formerly Chief Revenue Officer of fashion ecommerce powerhouse Zalora, and Global Accounts Managing Director Alexander Yardley, who previously headed up commercial leadership roles at Agoda and eBay Inc.