ShopBack nabs $80M extension round as it readies for IPO

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ShopBack gets another $80M injection as it readies IPO

, author of Illustration: Rebecca Zisser/AxiosExit Content Preview 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 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 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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