|Industry||E-Commerce, Online coupons|
|Founders||Henry Chan |
ShopBack is a cashback reward program available across Asia-Pacific with over 5 million members on its platform. It allows online shoppers to take a portion of their cash back when they make a purchase through the platform. They also provide discount coupons, voucher codes, and even comparison features for online shopping, travel booking and food delivery. It is currently partnered with over 1,300 brands from all over the world, including online giants Amazon, Booking.com, eBay, ASOS, Zalora, Woolworths Online, Lazada, Uber, Grab, Shopee, Tokopedia, GoWabi, Blibli.com, Alibaba, and eBay.
ShopBack has since expanded into 7 countries including Singapore, Australia, Taiwan, Malaysia, Indonesia, Philippines and Thailand and is a registered company with a local office in each of them.
ShopBack’s founding team was previously from Zalora.
For its first round of seed funding, ShopBack raised over USD $500,000. The company has since experienced a fast growth. In March 2015, ShopBack received further investment funding of USD $600,000.
In November 2017, ShopBack revealed it had raised USD $25 million, a round led by Japanese finance and credit card company Credit Saison, with participation from Blue Sky, AppWorks, Intouch Holdings, Aetius Capital, 33 Capital, SoftBank Ventures Korea, Singtel Innov8, Qualgro and East Ventures, bringing their total funding to USD $40 million. Today, ShopBack averages an order every 2 seconds, with an annualised sales figure of over USD$500 million and 5 million users in early 2018.
In April 2019, ShopBack announced that it has closed a $45 million round led by new investors Rakuten Capital and EV Growth, bringing their total funding to US$85 million. The investment will see Amit Patel, who leads Rakuten-owned cashback service Ebates, and Willson Cuaca (Managing Partner of EV Growth and East Ventures), join the board.
ShopBack ShopFest is an annual mega shopping festival hosted in partnership between leading e-commerce brands and ShopBack. Across the APAC region, ShopFest puts together all major shopping events during the year end period to help users navigate through the year-end sale season.
ShopFest starts in September (November for Australia) and lasts for 4 months till December. Regionally, ShopBack holds the 9.9 Sales, 10.10 Sales, 11.11 Sales, Black Friday Cyber Monday Sales and 12.12 Sales. Other highlights of ShopFest includes MyCyberSale in Malaysia (27 Sep - 3 Oct), the 12.12 Hari Belanja Online Nasional (Harbolnas) in Indonesia, and Click Frenzy in Australia (12 - 13 Nov)
In 2018, ShopFest brought about 10 million transactions in Marketplaces (Shopee, Lazada, Qoo10 etc), sold over 1 million pieces of apparel in the Fashion Industry, and facilitated bookings of 1.4 million Room Nights across 132 countries in the Travel Industry.
Shopback’s ShopFest is users’ first-stop to value-adding their online purchase decisions during this year-end shopping season. With major sales across many platforms, ShopFest curates them onto one platform for easy navigation and offers user cashback as they shop to fulfil their diverse needs. ShopBack users can expect upsized cashback deals, exclusive coupons, flash sale discounts, and games where they can stand to win rewards.
For ShopFest 2018, ShopBack launched the Ultimate Experience where users stand to win up to $300,000 worth of prizes. During ShopFest, purchases made via ShopBack will help users accumulate points that entitled them to participate in the final draw to win prizes. Besides making purchases, users can also earn points by unlocking Treasure Chests using keys hidden in ShopBack’s Facebook and Newsletters. Rewards in the Treasure Chests included Ultimate Experience points, partner-specific promo codes, and cashback rewards.
The popularity of the ShopFest games in 2018 was prominent and ShopBack will be following up with more innovative and interactive games for ShopFest 2019. The launch of ShopBack’s Facebook AR Game, Coin Monster, offers customers real cash back just by playing the game. With a grand prize pot of $8,888, Coin Monster is expected to last till 30 September 2019.
Partnerships and Collaborations
ShopBack has also collaborated and partnered with various international and regional organisations. The list includes Visa, Citibank, OCBC Bank, Starhub, EZ-Link, Singapore Committee for UN Women, Institute of Singapore Chartered Accountants, Bank of the Philippine Islands, Globe Telecom, AirAsia, Maybank, and Packet One Networks.
Awards and accolades
ShopBack recently had 2 of their co-founders featured in the Forbes 30 Under 30 Asia list in 2018.
ShopBack was awarded Vulcan Post’s ‘Most Promising Startup To Look Out For In 2015’ in the Reader’s Choice Awards poll in 2014.
At the Singapore Infocomm Technology Federation's (SITF) Awards Ceremony held in October 2015, ShopBack was awarded twin accolades, bagging the silver award for the Best Innovative Infocomm Product (Consumer) and the gold award for the Best Innovative Start-up (Growth Stage).
In 2016, ShopBack was the winner of the Emerging Enterprise Award at the sgsme.sg Emerging Enterprise Award 2016.
At the Global Mobile Challenge held in Barcelona, Spain on 1 March 2017, ShopBack emerged as the first Southeast Asian start-up company to win the top prize.
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