SNAPCART, the real-time offline shopper and consumer insights startup, late last month closed a $10-million Series A funding from several investors, which include Kickstart Ventures, the wholly-owned venture capital company of Globe Telecom.
The amount, which is significant for a data B2B startup, would be used to advance Snapcart’s AI-based OCR technology, as well as expand its operations and teams in the Philippines and Indonesia, where it currently operates. Snapcart is pushing to widen its market to include other Southeast Asian countries.
“A sizable amount of the fund will be used to further enhance our product’s proposition. Given our unique organization structure, where our Data Science team is based in Manila, we would ultimately ramp up the Philippines organization,” says Teresa Condicion, co-founder and chief data & operations officer of Snapcart.
Condicion added: “The participation of Kickstart in our Series A fund-raising will definitely boost our business development efforts in the country as well, given their vast network.” Snapcart is the 34th firm to receive funding from Kickstart, which invests in digital startups globally. It is Kickstart’s second portfolio company from Indonesia.
The Series A round was led by Vickers Ventures Partners, with participation from Social Capital and Endeavor Catalyst. Existing investors also followed on like Wavemaker Partners and SPH Ventures.
Snapcart previously closed a $3-million pre-series A round in early 2017. (PR)
Published in the SunStar Cebu newspaper on January 04, 2018.
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