By Yon Heong Tung for e27.com
The new funding round was led by Vickers Venture Partners, Wavemaker Partners, SPH Media Fund and angel investors
Indonesia-based cashback platform Snapcart has announced it has closed its US$3 million Pre-Series A round.
The new funding round was led by Vickers Venture Partners, Wavemaker Partners and SPH Media Fund. A consortium of market research professional angel investors also participated in the round.
Back in January 2016, Snapcart raised the first portion of its Pre-Series A — US$1.7 million —from Wavemakers Partners, SPH Media Fund, SMDV (Sinar Mas Digital Ventures), and Ardent Capital.
The fresh injection of capital will allow Snapcart to grow its OCR (Optical Character Recognition) tech, machine learning and data sciences technology. It will also increase new hires in its sales team.
“We believe we are disrupting the way market research is traditionally done, especially in the brick-and-mortar stores which contribute over 95 per cent of total grocery sales. In a short period of time, we have successfully partnered with multinational companies including L’Oreal, Nestle, Unilever, Johnson & Johnson and Procter & Gamble,” said Reynazran Royono, Founder and CEO of Snapcart.
Launched in September 2015, Snapcart allows brands to connect with their shoppers real time via an app. Customers upload receipts and Snapcart will scan it automatically using OCR, then offer them cash back.
The collected receipts are then compiled into a machine learning data platform to give businesses real-time offline consumer spending analytics and shopping habits.
Snapcart currently operates in two countries, Indonesia and Philippines. It currently serves over 75 brands. For the next 12 to 18 months, Snapcart said it will focus on product development and client acquisition.
Image Credit: Snapcart
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