VCs join $25m round for Singapore's ShopBack

Credit Saison, a Japanese financial services provider affiliated with the Mizuho Financial Group, led the round, with additional participation by Qualgro, AppWorks, and telecommunications companies Intouch and Singtel. The new capital will be used to expand ShopBack’s team and add product features, according to a Tech In Asia story linked from the company’s Twitter feed.

ShopBack was launched in 2014 as a coupon site. It primarily operates as a promoter for third-party e-commerce sites, which list their products on ShopBack’s site and pay a commission for sales generated through the platform. ShopBack uses the commissions in part to provide discounts and coupons to users.

The company operates in Malaysia, the Philippines, Indonesia, Taiwan, India and Thailand. It claims to have more than 3.5 million registered users and 1,300 e-commerce partners for whom it generates $300 million in annual sales. It recently added ride-hailing and online payment aggregation services.

According to ShopBack, the latest funding round brings its total capital raised to $40 million. AVCJ Research shows a seed investment of $500,000 from Singapore-based Accel-X in 2014, followed by a further $600,000 from Accel-X and East in 2015.

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• Topics
• Southeast Asia
• Technology
• Consumer
• Early-stage
• Singapore
• TMT
• East Ventures
• Softbank
• Singtel