Jakarta based cash back/consumer data platform Snapcart has raised $3m in pre-Series A funding led by Vickers Venture Partners. Snapcart gathers shopper and purchase data by incentivizing consumers to upload their shopping receipts into its app in exchange for cash-back rewards. That information is then turned into consumer insight and reports for its roster of 75-plus brands, which includes L’Oreal, Nestle and Unilever.
The potential growth of e-commerce attracts the headlines in Southeast Asia, with Alibaba making moves and Amazon poised to jump in this year, but there’s another growth area since the region’s long tail of physical retailers is scattered, offline and hard to track. “It’s a black hole and brands don’t know what is happening,” Reynazran Royono, Snapcart CEO and founder — and a former consultant with Proctor and Gamble and Boston Consulting — told TechCrunch. Snapcart raised $1.7 million in January 2016, and this new financing is designed to push it towards a Series A round before the end of this year. This $3 million raise is 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.