26 OCTOBER 2017, SINGAPORE – Snapcart, the real-time offline shopper and consumer insights startup, has announced that it has closed a US$ 10 million series A funding round. The round was led by existing investor Vickers Venture Partners, and includes funding from Social Capital, Kickstart Ventures and Endeavor Catalysts. Existing investors also followed on, including SMDV, Wavemaker Partners and SPH Ventures.
Snapcart gives shoppers cashback for scanning their receipts in exchange for collecting consumer purchase data. This brings brands much closer to a holistic understanding of shoppers than ever before. It works by leveraging on Artificial Intelligence (AI) to retrieve the data from a scanned receipt and translating it into real-time dashboards. This method can replace the time and cost-consuming manual data collection through surveys or interviewing retailers about their customers’ buying behavior.
“Snapcart’s goal is to empower companies to get valuable insights into customer data to help them allocate their Marketing efforts more efficiently,” says Reynazran Royono, Founder and CEO of Snapcart. He adds, “We really believe our product is essential for the modern marketer, as they can react in real time to changes and trends in consumer behavior. This capital allows our company to expand into new markets, improve the current technology and further advance our product.”
Snapcart continues to build state of the art technology and introduce new products to further enhance data capturing and help brands to optimize spending.
Dr Jeffrey Chi, Vice Chairman at Vickers Venture Partners expresses, “We are thrilled that Snapcart is truly disrupting the market research industry that has been around for decades but really slow to innovate. Snapcart’s innovative and robust technology builds the company’s foundation to scale globally. We’re really excited that Snapcart is already beginning not just to generate repeat revenues from their customers but are seeing these revenues grow rapidly. This is a testament as to how useful the product is to their customers.”
Launched in September 2015, Snapcart previously closed a US$3 million pre-series A round in 2017. Snapcart currently operates in two countries – Indonesia and Philippines – and recently opened a Singapore office to focus on business development and client acquisition. The app has over 700.000 registered users and is collaborating with over 75 FMCG brands, e.g. Unilever, L’Oreal and Nestlé.