C31 Ventures, the venture capital arm of Singaporean mall operator CapitaLand, has joined Singapore and Silicon Valley VC firm Wavemaker Partners in leading a $1.7-million seed funding round for retail data analytics startup Omnistream.
Olga Lyudovyk, a former executive at retail brands including Zara and Marks & Spencer, and an unnamed Hong Kong investor, also participated in the seed round for the Singapore-based startup that provides data analytics services to retailers and brands.
C31 Ventures’ investment was made under the third instalment of the National Research Foundation Singapore’s (NRF) Early Stage Venture Fund, which is an initiative of the Singapore government aimed at supporting local tech startups.
Omnistream collects data from multiple sources to determine shopping habits and trends. It then translates these data into “actionable insights” to aid retailers in making decisions.
“Retail will only get more challenging as consumers get ever increasing options. In our attention-deprived world, Omnistream builds technology that gives retailers and brands real-time persona intelligence and predictive operations,” the company says on its website.
Omnistream sees C31 Ventures’ investment as beneficial for the startup because of the VC firm’s access to CapitaLand’s portfolio.
“CapitaLand has an unparalleled network of malls, retailers, and shoppers in the region. Being a portfolio company of C31 Ventures gives us access to these ‘living labs’ for us to test our innovations,” the company said.
Omnistream said it will use the fresh funds for product development and geographical expansion. The company said countries such as Indonesia and the Philippines pose particular opportunities because of their informal economies and vast geographical distribution of retailers and brands.
It also seeks to hire more talent for its product and algorithmic development teams.
Omnistream was founded by Wendy Chen, now the company’s Data CEO, in 2013. Chen was a trader at Jane Street Capital before launching Omnistream.