Business

Snapcart app raises $4m

Cashback and consumer insight app Snapcart - a portfolio company of SPH Media Fund - has raised US$3 million (S$4 million) in its latest round of funding.

The funds will be used to improve its technology and expand its sales team, it said in a statement yesterday.

The funding round was led by Vickers Venture Partners and existing investors including Wavemaker Partners and SPH Media Fund - the corporate venture arm of Singapore Press Holdings.

Snapcart gives shoppers cash back or rewards for submitting photos of their receipts.

The company uses artificial intelligence to generate real-time consumer insights from these receipts for advertisers and brands.

The data from receipts is fed into a proprietary analytics platform, which can provide brands with reports on real-time consumer spending and shopping habits.

The company operates out of Jakarta, Indonesia, and expanded to the Philippines last August.

It is in the process of exploring several new markets - including Singapore - with plans to launch over the next 12 months.

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