Shopback secures a further US$80m in funding from 65 Equity Partners

REWARDS platform Shopback has secured US$80 million from 65 Equity Partners for its Series F funding round.

This brings the ongoing Series F round to US$160 million, coupled with the earlier US$80 million led by Asia Partners. The funds raised will be used to launch new products for users, develop new solutions for merchants and expand to more markets. Some of the funds will also be earmarked for a potential public listing.

“Our new partners bring a wealth of expertise and knowledge which will be critical for the next phase of our journey. We are excited to welcome onboard the 65 Equity Partners team and look forward to a fruitful and fulfilling partnership in the years to come,” said Henry Chan, co-founder and chief executive, Shopback Group.

With the investment, 65 Equity Partners will join Shopback’s board of directors and play a role in getting the startup ready for a public listing. The investment fund also manages Anchor Fund @ 65, which is an initiative to revive the Singapore Exchange with initial public offerings of high-growth companies.

“This investment aligns strategically with our mandate of supporting high-growth businesses led by founders and entrepreneurs in their continued business development, as well as facilitating their potential listings on the Singapore Exchange,” said Tan Chong Lee, chief executive of 65 Equity Partners.