Cashrewards raises $5.25m, eyes IPO
Cashrewards has raised $5.25 million in Series-A funding, in a move it says consolidates its position as the “cashback market leader in Australia”.
This is the first of several planned funding rounds to be held in the lead up to an IPO in 2020, according to Cashrewards founder and executive chairman Andrew Clarke.
“The online and offline cashback sector in Australia has significant growth ahead of it and Cashrewards is committed to growing both our market share and the sector itself,” Clarke said.
“This investment marks the first step in our journey to an IPO that will enable us to ramp up our marketing activities and continue to invest in our core technology platform.”
Alium Capital Management was the leading investor for this first round, with partner Rajeev Gupta stating they expect to “turbo-charge” Cashreward’s growth trajectory.
Competition in the space is beginning to heat up, however, with Singapore-based ShopBack having completed its own US$45 million raise in April – bringing the company’s total funding to US$83 million.
“As we turn our attention to further business growth, the funding we have received will be used to drive three key areas of development,” Shopback Australia country general manager Angus Muffet said.
“We will continue building our teams in Asia-Pacific, launching new product features, and establishing our market leadership in each of the regions we have a presence in.”