Snapcart raises $4m in funding round

Mr Royono (left) with his Snapcart colleagues Teresa Condicion, co-founder and chief data officer, and co-founder Laith Abu Rakty, who is also chief technology officer.
Mr Royono (left) with his Snapcart colleagues Teresa Condicion, co-founder and chief data officer, and co-founder Laith Abu Rakty, who is also chief technology officer.PHOTO: SNAPCART

Cashback and consumer insight app Snapcart - a portfolio company of SPH Media Fund - has raised US$3 million (S$4 million) in its latest round of funding.

The funds will be used to improve its technology and expand its sales team, a statement yesterday said.

The funding round was led by Vickers Venture Partners and existing investors, including Wavemaker Partners and SPH Media Fund - the corporate venture arm of Singapore Press Holdings.

Snapcart gives shoppers cashback or rewards for submitting photos of their receipts. Its technology reads receipts with minimal human intervention.

The company uses artificial intelligence to generate real-time consumer insights from these receipts for advertisers and brands.

The data from receipts is fed into a proprietary analytics platform, which can provide brands with reports on real-time consumer spending and shopping habits.

The company operates out of Jakarta in Indonesia, and expanded to the Philippines last August.

It is in the process of exploring several new markets - including Singapore - with plans to launch over the next 12 months.

"We believe we are disrupting the way market research is traditionally done, especially in the brick-and- mortar stores which contribute over 95 per cent of total grocery sales," said founder and chief executive Reynazran Royono.

Snapcart has worked with a number of major consumer goods companies, including L'Oreal, Nestle, Unilever, Johnson & Johnson and Procter & Gamble.

"In the next 12 to 18 months, we want to focus on product development and client acquisition. We are confident that with the successful completion of this fund, we are on the right path," added Mr Royono.

This is SPH Media Fund's second investment in Snapcart - it took part in a US$1.7 million round announced in January last year.

A version of this article appeared in the print edition of The Straits Times on March 28, 2017, with the headline 'Snapcart raises $4m in funding round'. Print Edition | Subscribe