According to The Australian Financial Review, fast-growing Australian online shopping rewards platform Cashrewards has banked its first external funding, closing a $5.25 million investment from Silicon Valley fund Partners For Growth as it looks to fund expansion and head off competition from overseas-based rivals.
The company has signed up a large number of retailers including Woolworths, Telstra, iTunes, Virgin Australia and AVIS, since it was founded in 2014 as an online platform to facilitate sales through special offers and cashback rewards.
The company has been self-funded or bootstrapped until now by founder and CEO Andrew Clarke, who told The Australian Financial Review the platform has 365,000 members, annual revenue over $12 million and has given back more than $35 million in cash to its members over four years.
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