HOMEGROWN cashback platform ShopBack has raised US$45 million in its latest funding round, with new investors including co-leads Rakuten Capital and EV Growth, as well as EDBI, the investment arm of Singapore's Economic Development Board.
Willson Cuaca, managing partner of EV Growth, and Amit Patel, CEO of Ebates Inc, which is a Rakuten company, will join ShopBack's board of directors. Rakuten Capital is the investment arm of the Japanese e-commerce giant.ShopBack, which is also backed by SoftBank Ventures Asia, said its new round of funding will be used to simplify shopping experiences, expand data capabilities to fuel personalisation and business insights, as well as accelerate growth in key markets.
In the same year, ShopBack entered Australia, its first market outside Asia. It also opened research and development hubs in Vietnam and Taiwan, driving a threefold increase in its engineering, data, and product management talent pool.
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