Indonesia’s Snapcart announces US$1.6 million pre-Series A
The cashback mobile app plans to expand to the Philippines in early 2016
Snapcart team during its launch in Jakarta in September 2015
Jakarta-based cashback mobile app Snapcart today announced that it has secured US$1.6 million in a pre-Series A funding, which saw participation from Wavemaker Partners, SPH Media Fund, SMDV and Ardent Capital.
The startup plans to use the funding to develop new features such as engagement videos and analytical dashboard tools that will accommodate brands to see consumer behaviour in real-time, as well as aid brands in formulating marketing actions.
Snapcart is also planning to expand to at least two other Southeast Asian markets, starting with the Philippines in early 2016.
“Our first stage of development was focussed on mass data collection and user acquisition, activation and engagement. Now, we are looking to perfecting the built-in automation system and upgrading the app,” said Laith Abu Rakty, CTO of Snapcart.
“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,” he added.
Also Read: Hire the right people and mentor them to be leaders: Snapcart Co-founder
Reynazran Royono, CEO and Founder of Snapcart, cited the role of partnerships with major FCMG brands such as Nestle and L’Oreal Indonesia as key to earning investors’ confidence.
He also added that the company is targetting one million downloads in less than a year.
“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,” he said.
Since launched in September 2015, Snapcart has secured over 150,000 downloads and more than 85,000 MAU (monthly active users).
Snapcart also announced Mayeth Condicion, former Procter & Gamble Market Research Director, as its new Chief Data Officer and Co-founder of the startup’s new operation in Manila.
“Enjoy 2-for-1 tickets to Echelon Indonesia 2016 now. Do not miss out on Indonesia’s biggest international tech conference!”
Disclaimer: Snapcart is an Ardent portfolio company. Ardent Capital is an investor in Optimatic Pte Ltd, the parent company of e27.
Image Credit: Snapcart
The post Indonesia’s Snapcart announces US$1.6 million pre-Series A appeared first on e27.
