Indonesia is one of the fastest growing consumer markets in the world, but consumer data is still difficult to find for many businesses, especially small ones. Populix wants to make research easier for companies through a reactive app, which now has 250,000 users in 300 Indonesian cities. The startup announced today that it has invested $ 1.2 million in a pre-series C-C round with participation from Quest Ventures to investor Intudo Ventures.
Populix has now raised a total of $ 2.3 million since it was founded in January 2018, including a $ 1 million seed round, including Intudo. The company’s revenue grew fivefold in 2020 and it contracted 52 new enterprise customers in 10 countries, such as the COVID-19 epidemic-limited traditional form of consumer survey, the in-person questionnaire. Its clients range in size from tech startups to multinationals.
The new capital will be used for product launch, marketing and hiring. Populix is currently in the process of launching a self-service product called Pocket Hemat Populics (PHP) for customers such as SMEs or university researchers who want to monitor their own surveys and results in real time.
The company is co-founded by Chief Executive Officer Timothy Astu, Chief Operating Officer Eileen Kamatajoyjo and Chief Technical Officer Jonathan Beni. Understandu and Kamatajoy met while both were graduate students in business management at the University of Cambridge.
“When we were studying, we looked at developed markets, and in developed markets, consumer insights are such a big thing that all brands are already using it,” said Astu. “But this is something that is not available in developing countries like Indonesia,” where many companies still conduct offline research despite their high smartphone engagement rates. For example, if a coffee brand wants to understand consumer sentiment, it will send people with surveys to a café or grocery store and ask customers to fill them in exchange for a small gift.
“We felt that it was important to do the consumer sentiment in Indonesia, because it is going to be a big market and Indonesia has seen very little innovation so far,” Astu said. “It gives us a chance to disrupt it, in the sense that it always caters to large customers. It is always the multinationals in Indonesia that buy it, but you are seeing an emerging middle class, a lot of SMEs and they probably need research and data more than the really big companies. “
After returning to Indonesia, Acedu and Kamatajoyjo began working on a more accurate and accessible alternative to traditional surveys, developing populics while being part of Gojek’s Xcelerate program. They then met Benny, who was previously in discussion, a Seattle-based video platform for consumer research.
Populix’s clients conduct research through its respondent app, also known as Populix, that keeps users engaged through daily offers, games, and news, in return for incentives such as cash offers or discount programs. Populix can be adapted to a wide range of research, ranging from short surveys to longitudinal studies that occur over a period of time, and is used to track brand health, product launches, or customer satisfaction Is done to do. For example, one coffee brand used Populix to see what it was doing compared to competitors on a monthly-basis and study consumer reactions before launching ready-to-drink coffee. E-commerce companies have also used it to ask people where they shop online, what they search for and how they feel about the customer experience on various platforms.
“We can speed up the recruitment process, because we already have respondents available in our database for practically any kind of study,” Kamatavajoy said.
Populix is currently developing new products to track market movements, using data collection technology such as optical character recognition to scan invoices from major e-commerce platforms. It states that its data classification system can recognize more than 73% of all items on an invoice.
Other companies in the same location include YouGov and Kantar, and players based in several Southeast Asian countries such as Singapore-based Milieu Insight, a market research and data platform. Understandu said that one of the main methods is by focusing on populics differential mobile surveys, as Indonesia is the fourth largest smartphone market in the world (after China, India and the United States) and penetration rates are still rising.
The founders said Populix would continue to focus on Indonesia with its pre-Series A funding, but plans to look at other developing markets with fragmented consumer data, such as the Philippines and Vietnam, after extending its Series A round.
In a press statement, IntuDue Ventures founding partner Patrick Yip said, “Due to the dramatic changes in recent years in consumer habits, as well as digital commerce’s growing income and widespread embrace, Populics customers receive the latest consumption characteristics. And providing actionable insights into Indonesian trends. We are excited to double our support for Populix as it delivers new technology-driven consumer insights products and solutions to meet both big and small needs. Have to continue. “