SPH Media Fund invests in Indonesia-based cashback app Snapcart

Snapcart, a mobile app based in Indonesia, announced today (Jan 5) that it has successfully raised US$1,675,000 (S$2,385,000) pre-series A funding.

Among this round’s participants are Wavemaker Partners, SMDV, Ardent Capital and SPH Media Fund – the investment arm of Singapore’s leading media group Singapore Press Holdings.

“I believe we were able to earn the confidence of investors after our early signing with major FMCG brands Nestle and L’Oreal in Indonesia,” said Reynazran Royono, CEO and Founder of Snapcart. “Our pre-launch and launch traction was also amazing with 12,000 app downloads before any marketing campaigns were launched. In a relatively short period we were able to sign more than 35 brands, including brands from Procter & Gamble and Unilever”

According to Snapcart, since its launch on Sept 2, 2015, the number of downloads has grown to over 150,000, with more than 85,000 monthly active users.

However, the company aims to achieve 1 million users downloads in less than a year.

Snapcart will use the capital to develop new products; including engagement video features and analytical dashboard tools. These features will accommodate brands with the platform they need in order to see their consumer behaviours in real-time, as well as to aid brands in formulating their next marketing actions.

The company is also planning an expansion to at least two other markets in Southeast Asia, starting with the Philippines early this year. Snapcart’s iOS version launch will also be taking place at around the same time.

“Our first stage of development was focused on mass data collection and user acquisition, activation, and engagement. Now, with over a thousand receipts received per day, we are looking to perfecting the built-in automation system and upgrading the app. In Indonesia, there are many different formats for receipts, even within the same retail franchise, which makes it harder to be automated. This is the hassle that we want to tackle in the next stage.” CTO of Snapcart, Laith Abu Rakty, said.

“User acquisition is always on the agenda, but now we’re doing it by partnering with FMCG companies and other verticals through a combination of offline activities and online marketing.” added Mr Rey.