By The Nation
ShopBack raised $25 million (Bt828 million) in its latest funding round, bringing the company’s total funding raised to date close to $40 million.
The round was led by Credit Saison, the largest credit card and retail finance company in Japan. More than 10 institutional investors participated in the round, including new investors Blue Sky and Intouch, as well as existing investors SoftBank Ventures Korea, Singtel Innov8, Qualgro and East Ventures.
“Cashback served as the cornerstone for ShopBack’s establishment in Singapore and laid the foundation for us to build smarter shopping solutions,” said Kawin Prachanukul, co-founder and country head, ShopBack Thailand.
“Living up to our value proposition as ‘The Smarter Way’, we have recently added service aggregation features to simplify purchase decisions for our users. We strive to become the one-stop shopping and lifestyle portal for everyone in Thailand.”
Currently ShopBack powers close to 1,000 orders per hour, with an annualised sales figure of over $300 million for more than 1,300 partner merchants across the online retail, travel and lifestyle sectors. More than 3.5 million consumers across six countries in the Asia Pacific have signed up with ShopBack since the company’s inception in 2014.
The three-year-old start-up previously disclosed two seed funding rounds totaling over 1 million. This latest round of funding will be used to drive three key areas of development - acquiring world-class talent, launching new product features and establishing market leadership.
ShopBack’s presence in six countries is driven by a team of more than 130 people. The management team hails from e-commerce and technology backgrounds with experience in scaling companies across the region.
“Within a few months since their launch in July 2017, ShopBack Thailand has brought over 100 merchants onto the platform. Moving forward, we hope to help ShopBack Thailand grow more and leverage customers through Intouch’s subsidiary. We believe that ShopBack Thailand will help improve the customer experience for online shoppers in Thailand,” said Kim Siritaweechai, executive vice president, portfolio management at Intouch.