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.
“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.