INDONESIAN consumer insights platform Populix has raised a US$7.7 million Series A round led by Intudo Ventures and Acrew Capital. Altos Ventures and Quest Ventures also participated in the round.

The 5-year-old startup has worked with over 1,500 clients from large corporates to governments, Indonesian conglomerates, as well as small and medium enterprises and academics. Revenue has grown 3 times over the past year.

“People are no longer relying on instincts alone to run their businesses,” said Timothy Astandu, co-founder and chief executive of Populix.

Populix claims that 45 per cent of its clients are first-time consumer insight users. The platform offers various options for clients, ranging from comprehensive datasets on generational groups in Indonesia to a pay-per-use platform that allows users to build surveys and collect targeted insights.

“Consumer insights is a space that has traditionally been dominated by large players with services that are often out of reach for many business owners. Populix shows that new business models can emerge in unexpected places and uproot preconceived notions of what consumer insights can do for businesses by adapting to the unique contexts of Indonesia,” said Theresia Gouw, founding partner, Acrew Capital.

Respondents to Populix’s surveys answer them via their smartphone app, being paid for their responses. The startup offers Popscore, a “credit scoring system” that assesses respondent quality based on how truthful and active a respondent is.

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“Indonesia is a dynamic and rapidly evolving consumer market, changing at a speed that even local businesses have trouble grasping, making timely and accurate insights indispensable for the success of businesses both big and small,” said Patrick Yip, founding partner, Intudo Ventures.

The funding will be used to digitise Populix’s entire data collection process, optimise existing products and release new services. Talent recruitment will focus on product and tech engineering, as well as marketing and regional expansion roles. Populix aims to expand to other South-east Asian countries by 2023.

“South-east Asia has become a prominent market for global corporations in fuelling business growth, tapping into a new consumer class. For businesses new to the region, understanding local mindsets is imperative for success,” said Jeffrey Seah, partner, Quest Ventures.