Shopback wins investment from Singapore state fund

Singaporean cashback startup Shopback has secured around US$30 million in investment from state fund Tamasek, alongside existing investors.

According to a Business Times report, the deal takes Shopback’s total capital input to US$113 million since it was established in 2014. The investment was made through the firm’s shareholder Dahlia Investments.

Shopback is expected to use the funding to improve its IT infrastructure, expand its data capabilities and bolster expansion in the Asia-Pacific region, where it currently serves cashback deals to customers across a range of categories.

The firm clocked more than US$2 billion in sales last year in partnership with at least 2500 retailers.

Other investors participating in the deal included Rakuten Capital, EDBI, EV Growth, Cornerstone Ventures and 33 Capital.