Coming into 2020, Snapcart was getting desperate—its funding well was running dry. The Indonesia-headquartered startup, which uses cashback to give brands and retailers insight into consumer retail behaviour, had last raised funding—a US$10 million round— all the way back in October 2017. It’s not that the company hadn’t tried to raise money since; it just hadn’t been successful in doing so.
Snapcart needed to extend its runway, according to two venture capital executive investors in Southeast Asia who were pitched by the company. Both executives requested anonymity to avoid being seen speaking in public about a company that is not part of their portfolio.