- Singapore-based Shopback allows shoppers to get cash back from purchasing products via its site
- Startup raises seed funding of US$600,000 led by East Ventures, with participation from Accel-X
- Funds will be used to invest in product development and expansion into the region
The capital will be used to invest in product development and expansion into the region.
The development brings attention to East Ventures’ recent string of investments into resource and e-commerce-related platforms this year — US$550K into service marketplace Kaodim, US$1.5 million one into e-commerce site Shopline, as well as participation in a Series A round for wedding directory site Bridestory.
Launched in May 2014, Shopback allows users to get cash back from the purchase of a product via the site. It charges merchant partners for driving users to their site, and then distributes part of fee back to users. The 25-member strong company has so far partnered with over 300 international and local online merchants such as Zalora, ASOS, Groupon, Lazada, Expedia and so on.
According to company, ShopBack currently registers more than 10,000 orders monthly, with 10,000 active users on a daily basis.
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