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Cashback app Snapcart raises US$1.67m in 'pre-series A funding'
SNAPCART, an Indonesia-based cashback app, has raised US$1.675 million in "pre-series A funding".
Investors in this round include SPH Media Fund (the investment arm of Singapore Press Holdings), Wavemaker Partners, SMDV and Ardent Capital.
The mobile online-to-offline cashback and purchase-based marketing automation platform said on Tuesday it will use the new money to develop new products - including engagement video features and analytical dashboard tools - and expand to at least two other markets in South-east Asia, starting with the Philippines early this year.
"I believe we were able to earn the confidence of investors after our early signing with major FMCG (fast-moving consumer goods) brands Nestle and L'Oreal in Indonesia," said Reynazran Royono, founder and chief executive 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."
Since its launch in September 2015, Snapcart's number (12,000) has grown to over 150,000 downloads and more than 85,000 monthly active users today, it reported.
Snapcart works by enabling users to take photos of their receipts and upload them onto its app in exchange for cashback and rewards, while using artificial intelligence to generate consumer insight from receipts for brands and advertisers.