Indonesian consumer insights platform Populix bags $1m seed funding led by Intudo Ventures

Jakarta, Indonesia. Photo: Gede Suhendra/unsplash

Indonesian consumer insights platform Populix has closed a $1-million seed funding round led by Intudo Ventures, and followed by Gobi Agung and Pegasus Tech Ventures.

Founded in January 2018, Populix, through qualitative and quantitative studies, provides insights that help clients better understand Indonesian consumers and improve business decisions. It leverages technology to accurately understand consumer feedback in real-time.

Populix’s products range from intensive research studies to simple surveys and can be arranged either on a project or subscription basis.

During the company’s first year of operations, Populix claims to have completed research on more than 70 brands across 27 industries including multinationals, SMEs, institutions, and individuals based in Europe and Asia-Pacific looking to gain insights on Indonesia’s dynamic consumer-driven economy and consumer preferences.

In addition to research projects, Populix also generates revenue through selling in-house research and datasets to clients.

Populix, which was recently inducted into Gojek’s Xcelerate program, says it will use the proceeds from the seed round to develop new products, enhance marketing efforts and hire new staff.

“The market research industry has long withstood change, despite the massive shifts in consumer habits brought about by modernization and digitalization. By starting Populix, we aspire to improve market research, using technology to streamline research processes while simultaneously making it more rigorous,” said Populix co-founder and CEO Timothy Astandu.

Lead investor, Intudo Ventures, sees a huge opportunity for Populix particularly with over 56% of Indonesia’s economy driven by private consumption paired with the country’s rising middle class. The Indonesia-only VC, which is also an investor in BeliMobilGue, Kargo and Gojek, believes that its new portfolio startup can help companies more effectively engage with Indonesian consumers and make sounder business decisions.

However, Populix will be competing against a few existing players in the country that have also developed technology to conduct market research and provide more accurate consumer insights. One of them is NeuroSensum, backed by electroencephalography, virtual reality, facial coding, and eye-tracking technology, to develop consumer insights for consumer brands.

Earlier this year, the company raised $1.8 million in Series A funding led by SIG China. The round was also joined by Unifam Group, an Indonesian confectionery and food distributor.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.