Photo credit: Snapcart.
Indonesia-based cashback and consumer analytics startup Snapcart announced today a fresh injection of US$3 million. This is a follow-on round on the startup’s pre-series A financing that closed last year.
The round was led by Vickers Venture Partners and existing investors joined in, including Wavemaker Partners, SPH Media Fund, and a network of angel investors from the market research space.
Snapcart lets users take a picture of their receipt whenever they buy something. By “reading” the contents of the receipt, its analytics software gathers consumer data from offline purchases, like who bought what, when, from where. It’s the kind of data that’s normally only available to ecommerce platforms.
Users can earn money back on every purchase they make when they scan their receipts.
See: Ardent Capital crew runs wild in Jakarta, sets up cash back app Snapcart
The startup will use the funding to improve its text-reading technology and its machine learning and data science capabilities. It will also hire more people, aiming to build up its sales team. In the next year and a half, it will focus on developing its product and increasing its customer base, says founder and CEO Reynazran Royono.
Snapcart was launched in 2015 by Southeast Asia venture capital firm and company builder Ardent Capital, which has also launched companies like aCommerce, Bizzy, and Moxy, which became Orami.
Last June, Ardent’s portfolio was rolled over into Wavemaker, in a deal that would let the Singapore-based venture capital firm manage Ardent’s investee startups.
Snapcart has partnered with large consumer companies like L’Oreal, Nestle, Unilever, Johnson & Johnson, and Procter & Gamble. It expanded to the Philippines in August 2016. The company says it has 50,000 monthly active users in Indonesia and hopes to achieve the same in its new market as well.
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