Indonesian Endeavor Entrepreneur-led Company Snapcart Raises $3 Million in Pre-Series A Funding
Snapcart, a company led by Endeavor Entrepreneur Reynazran Royono that is helping to bring transparency to the world of offline commerce in Southeast Asia, has raised $3 million in pre-Series A funding. Snapcart previously raised $1.7 million in January of last year, with this new round — led by new investor Vickers Venture Partners with participation from existing backers Wavemaker Partners and SPH Media Fund, the investment arm of Singapore Press Holdings — designed to push the company into a successful Series A round by the end of 2017. TechCrunch extensively covered the investment round.
Gaining access to consumer’s offline purchasing data is like finding a needle in a haystack. In Asia, where 95% of fast-moving consumer goods products are sold offline that needle can mean the difference between a successful marketing strategy and a wasted investment. Snapcart makes the search easier by incentivizing consumers with cash back and rewards to upload their receipt data on its analytics platform.
Also through its app, Snapcart engages its user base to gather consumer insights through crowd sourcing activities such as surveys and image captures. Operating in the US$7B Asia Pacific market research space, Snapcart has generated over half a million downloads, on-boarded 80 brands, and won global awards from Accenture and Disrupt 100. Currently present in Indonesia and the Philippines, Snapcart aims to expand throughout Asia and beyond.
Selected through the Endeavor Indonesia office, Snapcart became an Endeavor company at the 68th International Selection Panel in Palo Alto, California, in December 2016. During this time, Snapcart has expanded into the Philippines, and is planning to penetrate Singapore, Thailand and beyond, in the future. But for now, Snapcart is focusing on honing its data collection and expanding its user base.
Read more about the company’s growth and the investment in TechCrunch’s coverage.