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ShopBack gets another $80M injection as it readies IPO

An illustration of a shopping bag with a hand icon, representing the intersection of digital and real-world commerce.

Illustration: Rebecca Zisser/Axios

ShopBack raised another $80 million to fuel growth in its online shopping and rewards platform as it preps for the public markets.

Why it matters: An e-commerce IPO would be a rarity in this market environment, but investors are still placing bets on companies that are gaining traction in the digital shopping age.

Driving the news: The new capital comes from Temasek-owned 65 Equity Partners, as part of an extension to its $80 million Series F round in July.

  • That round was led by Asia Partners.
  • Bloomberg puts the company’s valuation at $1 billion, citing sources familiar.

What they’re saying: CEO Henry Chan told Bloomberg that ShopBack is preparing to be “listing ready” (though the timing is TBD).

  • “That way we can decide to act on macro winds as they turn in the coming months or years,” he told Bloomberg.
  • He views the Singapore Stock Exchange as a “viable” spot for its primary and secondary listing, though the company is considering Hong Kong, Australia and New York as well.

What’s next: Along with positioning ShopBack for "public market readiness," Series F proceeds finance expansion across the Asia-Pacific region.

  • The company will invest in new shopping products, develop its payment solutions for merchants, and expand its services into more markets.

Details: 65 Equity Partners will play a key role in ensuring the company can tap the public markets, opting to join ShopBack’s board with the investment.

  • “We are excited to partner [with] ShopBack in their next phase of growth, as the company further strengthens its position as the leading shopping and rewards platform in the Asia-Pacific,” 65 Equity’s CEO Tan Chong Lee said in prepared remarks.

Yes, and: ShopBack’s management team comprises some heavy hitters as well, including...

  • CTO San Wai Oo, who came from communications giant Slack Technologies.
  • Commercial managing director Alessio Romeni, who served as the chief revenue officer of e-commerce firm Zalora.
  • Global accounts managing director Alexander Yardley, who was previously at Agoda and eBay.
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