Retail

Singapore’s ShopBack Notches $75M For Cashback App

ShopBack Notches $75M In Temasek-Led Series B

ShopBack, a cashback app based in Singapore, has notched $75 million in a Temasek-led extended Series B fundraising round. EDBI, EV Growth, Rakuten, 33 Capital and Cornerstone Ventures also partook in the round, DealStreet Asia reported.

ShopBack CEO and Co-founder Henry Chan said, per the report, “With the new funding, we will develop new features to help our users save even more money and time by making smarter buying decisions.” It was noted that the additional funding would be used to grow ShopBack’s data capabilities and to bolster its technology infrastructure.

ShopBack’s rivals include Snapdeal, which is backed by Wavemaker, and Fave, which is backed by Sequoia India. The company also contends with regional “super apps” like Grab, which offer rewards through digital wallets.

The company has more than 19 million users, providing cash back in categories that include travel reservations, general merchandise, food delivery, groceries, fashion, and health and beauty. ShopBack has expanded into physical stores in Singapore, enabling users to get rewards for entertainment, dining and in-store commerce.

In separate news, Soul Machines, an autonomous animation platform, has notched $40 million in a Temasek-led Series B funding round, with new participation from Salesforce Ventures and Lakestar along with existing investors University of Auckland Inventors Fund, Horizons Ventures and others, the company announced in January. The New Zealand startup is working to re-imagine the human-machine connection with virtual versions of company ambassadors or all-digital employees who work with clients.

The startup was rolled out in 2016 after being spun out of the University of Auckland. It was launched by Mark Sagar, an Academy Award winner, and Greg Cross, serial entrepreneur, who are working together to fuse artificial intelligence (AI), experiential learning and computational brain models. The company is on a mission to debut a new level of human experience via digital platforms, per past reports.

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