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03 Oct 2022

Temasek’s 65 Equity Partners Pours $80 Million Into ShopBack

Temasek’s 65 Equity Partners Pours $80 Million Into ShopBack
ShopBack’s Henry Chan (Co-Founder & CEO, 1st from right) and Joel Leong (Co-Founder, 1st from left), with 65 Equity Partners’ Tan Chong Lee (CEO, 2nd from right) and Adrienne Teh (Investment Principal, 2nd from left).

ShopBack, an online shopping rewards app backed by Singapore’s Temasek Holdings Pte, raised $80 million from the state investment giant’s late stage fund as it works toward going public.

Temasek’s 65 Equity Partners Holdings Pte will join the Singapore-based startup’s extended Series F round, ShopBack said in a statement on Monday. The round brings the total capital raised by ShopBack to more than $310 million.

The funding round values the company at close to $1 billion, according to a person with knowledge of the matter. The startup is preparing for a stock exchange listing though has made no decisions on the timing, co-founder Henry Chan said in an interview. 

“We’re very focused on being listing-ready,” said Chan, who is also the company’s chief executive officer. “That way we can decide to act on macro winds as they turn in the coming months or years.”

The Singapore stock exchange is a “viable” primary or secondary listing venue for ShopBack, Chan said, adding that the company is also considering other possibilities including Hong Kong, Australia and New York. “We’re still very early in our public-readiness journey and we have not nailed down an exact listing venue,” he said.

ShopBack, whose investors include SoftBank Ventures Asia and Rakuten Capital, offers cashback and other rewards for brands and retailers including Dyson, Lululemon and Foodpanda. It’s adding users as e-commerce gains popularity in the Asia-Pacific region.

The new injection from 65 Equity Partners brings the total raised for this round to about $160 million, slightly more than the target of about $150 million that Bloomberg News reported in February.

Founded in 2014 by Chan and Joel Leong, the platform has expanded to 10 markets across Southeast Asia, Australia, South Korea and Taiwan, according to its website. A representative of 65 Equity Partners will get a ShopBack board seat, joining investors including East Ventures’ Willson Cuaca and Asia Partners’ Nicholas Nash.

The company raised $75 million in a funding round from investors including Temasek, Rakuten and East Ventures in 2020, and bought fintech startup Hoolah late last year to add “buy now, pay later” services.

Following the acquisition of Hoolah, ShopBack appointed Hamish Moline, former chief commercial officer of Australian fintech company Zip Co., as its managing director for financial services.

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