Indonesia's Snapcart gets $10m Series A round

It coincides with a final close of $230 million for Vickers’ fifth VC fund, which also contributed to a $3 million pre-Series A for the company in March alongside SPH Ventures and Wavemaker Pacific Partners. Other participants in the Series A include Social Capital, Kickstart Ventures and Endeavor Catalysts.

Previous investors include Sinar Mas Digital Ventures and Ardent Capital, the latter having provided seed funding in 2015. Wavemaker gained exposure to the company last year after acquiring Ardent’s Southeast Asia venture portfolio.

Snapcart provides real-time offline shopper and consumer insights for enterprise clients by collecting data at the customer level through a receipt-scanning mobile app. Customers can qualify for rewards from retailers for scanning receipts. The company aims to allow for a holistic understanding of shopper behavior and claims to research at an “unprecedented” level of granularity to research in its field.

Operations currently span Indonesia, the Philippines, and Singapore. Details of the company’s expansion agenda are not clear but it is understood to be targeting entries into a number of new geographies over the next three years as well as pursuing technology development.

“What really excites us about Snapcart is the expansion revenue from existing customers which indicates that from an enterprise level, not only is the product generating repeat customers, but they’re becoming bigger and bigger buyers revealing how useful the product is to them,” said Jeffrey Chi, managing director at Vickers.

VC activity in Southeast Asia is increasingly aimed at leveraging insights around offline and online consumer behavior patterns in urban areas. Online consumption by the 100 million people in the region’s 10 largest cities is said to be worth more than $50 billion a year.

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• Topics
• Southeast Asia
• Consumer
• Technology
• Early-stage
• Indonesia
• Vickers Venture Partners
• TMT
• Venture