SINGAPORE - Cashback and consumer insight app Snapcart - a portfolio company of SPH Media Fund - has raised US$3 million (S$4.18 million) in its latest round of funding.
The funds will be used to improve the company's technology and expand its sales team, a statement yesterday said.
The 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 captured 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, Indonesia and expanded to the Philippines last August.
"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 fast-moving 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 into Snapcart - it previously also took part in a US$1.7 million round announced in January last year.