Shopback wins investment from Singapore state fund
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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.
Questions & Answers
Q.Which specific entity within Tamasek made the investment in Shopback?
Which specific entity within Tamasek made the investment in Shopback?
The investment from the state fund Tamasek was made through its shareholder Dahlia Investments. This is part of the roughly US$30 million secured by Shopback from Tamasek and existing investors.
Q.How much total capital has Shopback raised since its inception in 2014?
How much total capital has Shopback raised since its inception in 2014?
Shopback has secured a total capital input of US$113 million since it was established in 2014. This includes the recent US$30 million investment from Tamasek and other existing investors.
Q.What are Shopback's immediate plans for utilising this new investment?
What are Shopback's immediate plans for utilising this new investment?
Shopback intends to use the new funding to enhance its IT infrastructure, expand its data capabilities, and support further expansion within the Asia-Pacific region, where it already operates.
Q.Which other investors participated in this latest funding round for Shopback?
Which other investors participated in this latest funding round for Shopback?
Alongside Tamasek, other investors participating in this deal included Rakuten Capital, EDBI, EV Growth, Cornerstone Ventures, and 33 Capital. They joined Tamasek in providing the new capital.
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