ShopBack, APAC’s leading rewards and discovery platform, today announced that it had raised A$55M to fund continued rapid growth in Australia and the region.
The round, which was syndicated in March 2021, was lodged with regulatory authorities earlier this week following approval from the Australian Foreign Investment Review Board (FIRB). Round participants include Temasek, East Ventures, EDBI, Indies Capital, and Australia-Singapore based January Capital.
ShopBack Australia Country Manager Angus Muffet said the funds will enable ShopBack to continue its dominance in the shopping and rewards space across its current footprint of nine markets in the Asia-Pacific.
“In Australia this investment will allow ShopBack to supercharge its growth and share of consumers’ wallets with more rewarding ways to shop. ShopBack customers are enjoying new features such as Product Comparison, Gift Cards, and In-Store cashback, all of which rolled out over the last couple of months. To deliver a world-class shopping experience, we’ve also doubled the team in Australia in the last six months, and now have more than 600 ShopBackers across the region,” he said.
ShopBack has now raised over A$200m since its founding in 2014, and views Australia as one of its key growth markets. Across the Asia-Pacific, ShopBack has almost 30 million users and has driven more than A$10bn in revenue for over 5,000 merchant partners since inception.
“JanCap have been ardent supporters of ShopBack since 2017. The team has proven time and again their ability to execute and innovate in the highly competitive ecommerce enablement space. We have high conviction that the company will continue to create massive value for partners, users and shareholders alike,” said Benjamin Dunphy, Investor at January Capital.
In Australia, ShopBack’s registered members grew by over 50% to 1.5 million in the 12 months ended June 2021. ShopBack Australia offers rewards on more than 2,000 merchants and powered over A$500 million in total transaction value in the 12 months ended June 2021.