Snapcart, a real-time shopper engagement app, has raised a $3-million pre-series A funding round led by Vickers Venture Partners and its existing investors including Wavemaker Partners and SPH Media Fund.
The company said it had closed this round after it secured $1.7 million in its pre-series A bridge in January last year. The investors in the previous round were Wavemaker Partners, SPH Media Fund and Ardent Capital.
Snapcart, launched in September 2015, is a mobile app offering shoppers cashback for scanning their receipts. In return, it collects shoppers’ purchase data, analyses and offers the same to brands on a real time basis.
The proceeds from this round will help it improve OCR, machine learning and data sciences technology and grow the sales team, the company said.
“In the next 12-18 months, we want to focus on product development and client acquisition. We are confident that with the successful completion of this fund, we are on the right path,” Reynazran Royono, Founder & CEO of Snapcart, said.
Snapcart currently operates out of Jakarta. In August 2016, it has expanded to the Philippines where it aims to reach 50,000 active users monthly as same as Indonesia.
Royono said that it is disrupting the way of traditional market research has done, especially in the brick-and-mortar stores which contribute over 95 per cent of total grocery sales.
Snapcart claimed the app has been downloaded almost 700,000 times since its launch. To date, it has partnered with over 75 brands and multinational companies including L’Oreal, Nestle, Unilever, Johnson & Johnson and Procter & Gamble.
“B2B has always been our focus. We saw great potential in the Snapcart team and hence invested in them at early stage. Their solution is out of the box and will be of immense value to the industry they cater to,” Paul B Santos, Managing Partner of Wavemaker Partners, added.