Snapcart is a two-year-old startup that collects consumer receipts via a mobile app to generate retail spending insights in emerging markets. Users upload receipts in exchange for cash back, and Snapcart applies OCR, big-data and machine-learning techniques to extract product-level information. The company reports more than 700,000 users across Indonesia and the Philippines, operates a business-development office in Singapore, and serves over 75 clients including Unilever, L’Oreal and Nestlé. Snapcart has about 80 staffers, roughly 80% of whom are non-sales, and notes long enterprise sales cycles with roughly 30 companies contributing 80% of sales. The firm plans to use new capital to expand into additional frontier markets (it is evaluating more than 30 destinations and expects to narrow that to five launches), invest in R&D, and improve its OCR and merchant-facing products. It positions itself as a challenger to established research firms such as Nielsen. Snapcart’s core product is a mobile app that incentivizes consumers to upload shopping receipts in exchange for cash-back rewards; those receipts are processed (OCR and data analysis) into consumer insights and reports for brands. The company launched in September 2015 and initially focused on Indonesia, later expanding into the Philippines; its Manila team houses AI and data analysis work on OCR and line-item extraction. Snapcart serves a roster of 75+ brands, including L’Oreal, Nestle and Unilever, and limits its active user panel to around 50,000 per market to maintain representativeness. It reports a 45% monthly active user retention rate after 30 days and emphasizes repeat usage as the key metric for data quality and predictive modeling. The company has opened a business development office in Singapore (service not active there) and is conducting due diligence on a likely expansion into Thailand. Management plans to focus on upselling new services to existing clients before broadening its client base and aims to use recent financing to push toward a Series A. Snapcart, founded in 2015 and based in Jakarta, provides a cashback app that incentivizes consumers by rewarding them in exchange for scans of their shopping receipts. The company aggregates those receipt scans into insights for brands and retailers, offering accurate measurement of consumer behavior. In January 2016 Snapcart raised $1.675M in a pre-Series A round. The round was led by Wavemaker Partners and SPH Media Fund, with participation from existing backers Sinar Mas Digital Ventures and Ardent Capital. The company said it intends to use the funds to continue to expand operations. Co-founders are Reynazran Royono (CEO), Laith Abu Rakty (CTO) and Mayeth Condicion (CDO).

Total raised

$15M

Funding rounds

3

Latest round

Series A

Latest activity

Oct 2017