Sweden based cashback startup Refunder has raised $4.1m in venture funding led by eEquity with participation from existing shareholders. Refunder has grown by 200% annually.
“When I Co-Founded Pricerunner in 1999, price comparison sites soon became the leading source of sales and traffic to e-commerce sites globally. Now when online pricing is more transparent and online prices for e-commerce sites is very similar, consumers have been looking for other ways of getting incentives and discounts when they shop. Cashback shopping sites generate almost 10% of total sales in e-commerce in the UK and our ambition with Refunder is to be the market leader in the Nordics once this market grow to similar levels”, Magnus Wiberg, Partner eEquity, said. According to the official announcement, Refunder now aims to make significant investments in marketing to increase the member database to over 600,000 members that get money back when they shop online.