Indonesian startup Snapcart has raised $10 million in a Series A funding round. The round was led by existing investors, Vickers Venture Partners, with participation from Social Capital, Kickstart Ventures and Endeavor Catalyst.
“We’re really excited that Snapcart is beginning not just to generate repeat revenues from their customers but see these revenues grow rapidly,” noted Jeffrey Chi, vice chairman of Vickers.
Snapcart is a market research company that analyzes data from receipts. Apart from its initial setup in Indonesia, the company already has a set up in Philippines and recently opened an office in Singapore for business development and client acquisition. Founded in 2015 by Reynazran Royono, Snapcart allows users to take a picture of their receipt whenever they buy something to earn money back.
The analytics software reads the contents of the receipt and gathers data from offline purchases, after which the software gathers data like who bought what from where and when. This method eliminates the manual process of data collection through surveys. This data is then further sold to brands. With the help of the analytics dashboards, brands are able to view their performance in real time and segregate the data based on shopper profiles, retail chains and geographics.
The company plans to maintain around 50,000 monthly users per country for its app. Snapcart already has some high-profile clientele like Unilever, L’Oreal and Nestle.
Founder and CEO Reynazran Royono said that the company plans to set shop in markets that have strong similarities to the countries in which they already have business. He also mentioned that Snapcart will use this capital to further develop its product, and the company is looking at three markets in Southeast Asia that he refused to name.
“However, this does not necessarily mean that we are not going to expand to developed markets since what we have found is that the gap of information is happening across emerging and developed countries,” Royono explained. He added that the company will continue positioning itself as a technology company and that product enhancement has also been a strategy that allowed the company to expand to more markets in a leaner and faster manner.