THE WHAT? Singapore-based shopping platform ShopBack has raised an additional US$80 million in funding in a Series F extension, according to a report by Nikkei Asia.
THE DETAILS The funding was raised by 65 Equity Partners, a wholly-owned subsidiary of state investor Temasek Holdings.
The financial injection follows ShopBack having raised US$80 million from Asia Partners in July this year, with total Series F funds amounting to US$160 million.
65 Equity Partners will now join ShopBack Group’s board of directors.
THE WHY? ShopBack is said to use the funding to launch new products, and develop growth and payment solutions for its merchant partners.
The company is also said to be set to extend its services to more markets.
Henry Chan, Co-Founder and CEO of ShopBack Group, said, “Our new partners bring a wealth of expertise and knowledge, which will be critical for the next phase of our journey.”