Jakarta. Snapcart, a Jakarta-based market research startup, has secured $10 million in funding from foreign investors to gear up for the company's global expansion and to advance its existing technology operations.
The series A funding round was led by existing investor Singapore-based Vickers Venture Partners and includes funding from California-based Social Capital, Philippines-based Kickstart Ventures, and US-based Endeavor Catalysts. Existing investors, including US-based Wavemaker Partners, Singapore-based SPH Ventures and Sinar Mas Digital Ventures (SMDV), also participated in the round.
"The new funding round will be used to improve and to advance our current technology, scale our operations and teams in Indonesia and the Philippines, as well as support global expansion," Snapcart chief executive Reynazran Royonop said in a statement on Thursday (26/10).
Snapcart is known as a cashback app, letting consumers send their scanning or photo receipts in exchange for the amount of cash for shoppers. It also allows Snapcart to collect consumers' purchasing data, bringing a deeper understanding of customers' purchasing behavior. The company then sells consumers' data to consumer goods companies.
It uses an artificial intelligence program to analyze consumers' scanned receipts and transform them into real-time dashboards. It is able to cut the time and costs typically associated with manual data collection, usually conducted through physical surveys.
"Snapcart’s goal is to empower companies to get valuable insights into customer data to help them make faster business decisions and optimize their investments. We really believe our product is essential for all brands, as they can react in real time to changes and trends in consumer behavior," added Reynazran.
Snapcart previously secured a $3 million funding round earlier this year.
"We are thrilled that Snapcart is truly disrupting the market research industry that has been around for decades but really slow to innovate. We’re really excited that Snapcart is already beginning not just to generate repeat revenues from their customers but are seeing these revenues grow rapidly. This is a testament as to how useful the product is to their customers," Vickers Venture Partners vice chairman Jeffrey Chi said.
Snapcart is one of Indonesia's business-to-business startups that has expanded into the regional market, along with business operations in the Philippines and its planned expansion into other countries.