Temasek’s 65 Equity Partners Pours $80 Million Into ShopBack (1)

ShopBack, an online shopping rewards app backed by Singapore’s Temasek Holdings Pte, raised $80 million from the state investment giant’s late stage fund as it works toward going public.

Temasek’s 65 Equity Partners Holdings Pte will join the Singapore-based startup’s extended Series F round, ShopBack said in a statement on Monday. The round brings the total capital raised by ShopBack to more than $310 million.

The funding round values the company at close to $1 billion, according to a person with knowledge of the matter. The startup is preparing for a stock exchange listing though has made no decisions ...