Innovation

"Trusted individual connections between lawyer and client are very important in Singapore." 
TOBY GRAINGER 
Partner Consumer Products CMS Singapore

Widely regarded as a potential tech unicorn, Singapore-based e-commerce cashback rewards company ShopBack is one of Asia’s most successful start-ups, processing around USD 1bn in transactions last year.

In a multiple tranche fundraising, led by Indonesian venture capital firm EV Growth and Japanese e-commerce giant Rakuten, ShopBack has attracted funds from several high-profile investors. These include Singtel (Singapore), Credit Saison (Japan), SoftBank Ventures (Korea), Intouch Holdings (Thailand) and Blue Sky (Australia).

Our Singapore office has advised ShopBack on a range of corporate and operational matters, including its Series C funding round in 2017 and the Series D fundraising milestone in early 2019. This has helped cement our relationship with one of the most promising start-ups in the region.

CMS Singapore partner Toby Grainger said, “Trusted individual connections between lawyer and client are very important in Singapore. Over the past couple of years, we have built up a lot of knowledge about the company, which has proven vital to our advice on these very successful fundraisings.

“ShopBack is on a growth trajectory and we continue to advise the company and other fast-growing tech start-ups on future fundraisings including secondary sales.”

With operations in seven jurisdictions across the Asia-Pacific region, the company plans to use its new investment to build a data platform that will provide merchants with insights into consumers.