Cashback rewards startup ShopBack’s journey from a scrappy idealistic startup to one of Singapore’s established names is complete.

In March, the six-year-old company announced a US$30 million top-up round led by Temasek added to the US$45 million it raised last year.

Funding doesn’t make a business. But when the investor is Temasek—the Singapore sovereign fund with US$220 billion in assets—it gives a local startup entry to the royal court of Singapore Inc Singapore Inc Singapore Inc refers to a collective of government-linked corporations that play key roles in the country's economy .

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Jon Russell

Jon Russell is Southeast Asia editor for The Ken based in Bangkok. Originally from the UK, Jon moved to Thailand in 2008. He’s passionate about telling thoughtful business stories, and tracking the impact of the internet in his adopted home of Southeast Asia.

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