Indonesia: Snapcart gets $1.6m pre-series A from Wavemaker, SPH Media Fund, others

Photo by Snapcart

Indonesia-based cashback mobile app Snapchart has raised $1.675 million in a pre-series A funding round which saw participation from Wavemaker Partners, SPH Media Fund, Sinar Mas Digital Ventures and Ardent Capital.

SPH Media Fund is the investment arm of Singapore’s leading media group Singapore Press Holdings.

The startup will deploy the capital to develop new products including engagement video features and analytical dashboard tools. These features will enable brands to see consumer behavior real-time and aid them in formulating their next marketing actions.

The company is also planning to expand to two other markets in Southeast Asia, starting with the Philippines early 2016.

“I believe we were able to earn the confidence of investors after our early signing with major FMCG brands Nestle and L’Oreal in Indonesia,” said Reynazran Royono, CEO and founder of Snapcart.

“Our pre-launch and launch traction was also amazing with 12,000 app downloads before any marketing campaigns were launched. In a relatively short period we were able to sign more than 35 brands, including Procter & Gamble and Unilever,” he said.

“User acquisition is always on the agenda, but now we’re doing it by partnering with FMCG companies and other verticals through a combination of offline activities and online marketing,” added Rey.

Snapcart aims to achieve 1 million users downloads in less than a year.

Launched on September 2, 2015, it has seen growth of over 150,000 downloads and 85,000 MAU (monthly active users).

Paul Santos from Wavemaker Partners said the company’s ability to drive targeted engagements, as well as the big data potential, makes Snapcart a unique B2B platform in the region.

“The traction from both brands and users, is a great endorsement of the pervasiveness and stickiness of the service for Indonesian consumers. This in turn brings invaluable insight and benefits to offline brands and retailers leveraging mobile technology,” said Paul Santos.

Snapcart chief technology officer Laith Abu Rakty said, the company’s first stage of development was focused on mass data collection and user acquisition, activation, and engagement. Now, with over a thousand receipts received per day, it is looking to perfecting the built-in automation system and upgrading the app.

“In Indonesia, there are many different formats for receipts, even within the same retail franchise, which makes it harder to be automated. This is the hassle that we want to tackle in the next stage,” Laith said.

Snapcart was founded by Reynazran, Laith, and CDO Mayeth Condicion. The founders have extensive combined experience in the fast-moving consumer goods (FMCG), consulting, market research, and tech spaces.

Prior to founding Snapcart, Reynazran spent 12 years in US Procter & Gamble and The Boston Consulting Group before taking the helm of Berniaga.com (now merged with OLX.co.id), the leading C2C classifieds site in Southeast Asia.

Earlier, Snapcart raised seed funding from Ardent Capital, the team behind leading e-commerce ventures, such as aCommerce and Moxy.

Also Read:

Indonesia: Ardent Cap-backed Snapcart rolls out cashback mobile app

Singapore: Ematic raises $1.07m in seed round from 500 Startups, Wavemaker Partners, others

Singapore: Restaurant guide app Burpple gobbles up Series A funding from Tembusu, SPH Media & Truimph Capital

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.