Snapcart, an Indonesian cashback and consumer analytics startup, announced last week that the company secured US$10 million in series A funding to enter new markets. Existing investor Vickers Venture Partners lead the round with the participation from Social Capital, Kickstart Ventures, and Endeavor Catalysts. Other existing backers Wavemaker Partners and SPH Ventures also put it in cash.
Snapcart was launched back in 2015 and the application lets users take a picture of their receipt whenever they buy something to earn money back. Their analytics software gathers consumer data from offline purchases by gathering the contents of the receipt like who bought what, when, from where. It is the kind of data that’s usually only available to e-commerce platforms. This method basically replaces time- and cost-consuming manual data collection through surveys.
This data is what it sells to brands. Brands can see their performance in real-time by using Snapcart’s analytics dashboards and slice and dice the data based on shopper profiles, retail chains, and geographics.
Snapcart founder and CEO Reynazran Royono said his team’s product helps brands to immediately react to changes and trends in consumer behavior.
The startup closed its US$3 million pre-series A round early this year. It operates in the Philippines and recently opened a Singapore office for business development and client acquisition aside from its home base Indonesia. It has more than 700,000 users and works with 75 fast-moving consumer brands like Unilever, Nestle, and L’oreal.
Snapcart is currently working on improving its text-reading technology and machine learning capabilities. For a complete overview of the retail landscape, it will also introduce a new product that’s designed to capture information on transactions at traditional mom-and-pop shops. Those shops normally do not have cash registers, hence no receipts. “This new product will act as a point-of-sale system to use as cashier, allowing Snapcart to tap into traditional trade data as opposed to current research method of field agents counting inventories,” Royono said.
Jeffrey Chi, vice chairman of Snapcart's investor Vickers Venture Partners noted, “We’re really excited that Snapcart is beginning not just to generate repeat revenues from their customers but see these revenues grow rapidly.”