Populix takes in $1.2m

Populix, an Indonesia-based consumer insights platform, has raised $1.2 million in funding.

Populix, an Indonesia-based consumer insights platform, has raised $1.2 million in funding. Intudo Ventures led the round with participation from other investors that included Quest Ventures.

PRESS RELEASE

JAKARTA, INDONESIA, April 29, 2021—Populix, an Indonesia-based consumer insights platform, today announced the closing of an oversubscribed US$1.2 million Pre-Series A round of financing led by Intudo Ventures, with participation from new investors Quest Ventures and a number of strategic investors. Populix will use the proceeds from the financing to roll out new products, enhance marketing efforts, and bring on new hires.

Founded in January 2018, Populix is a mobile-based consumer insights platform that supports comprehensive research and data collection via its app, providing an intimate window into the preferences of Indonesian consumers. Through qualitative and quantitative studies, Populix is able to provide valuable insights that help businesses and researchers better understand Indonesian consumers and improve business decisions, leveraging technology to accurately understand consumer feedback in real-time. For large clients, Populix offers a wide range of subscription-based and customized services, including brand health tracking, product launch perception auditing, customer satisfaction indexing, and custom research campaign management. The company also offers automated self-service research products catering to SMEs, independent researchers, and the general population, providing budget-friendly access to high-quality research and data.

Over the past year, the company has revamped its “Populix for Business” service with an all-new app featuring improved UI/UX, providing more information to clients about projects completed through Populix. Through its app, Populix aspires to be a one-stop shop for businesses to conduct a wide range of research, gaining critical insights and ultimately leading to better business outcomes. The company is currently developing dataset products that periodically track market movements, allowing businesses to closely follow market dynamics and consumer preferences. To support data collection, Populix is able to recognize respondent invoices from across all major e-commerce players in Indonesia at a 93% optical character recognition (OCR) accuracy rate, calculating market movements and correlated factors driving change. In addition, Populix’s data classification system can recognize over 73% of all items on invoices and continues to improve with the accumulation of processed data.

In addition to working with multinationals and major Indonesian conglomerates, Populix has expanded its business offerings to cover a wide range of customers—aligned with the company’s mission that market research should be accessible and affordable for everyone. In this spirit, the company launched Paket Hemat Populix (PHP), an off-the-shelf product designed to serve SMEs, students, and businesses who need accurate research at an affordable price (starting at IDR 2.9 million—roughly US$200). PHP is accessed through an easily navigatable app, allowing users to gain valuable insights on the results of their projects through an advanced analytics dashboard.

In 2020, with traditional data collection methods by and large unavailable due to pandemic mitigation efforts, the consumer insights industry is experiencing rapid digitization, attracting clients seeking to adapt to rapid changes in consumer behavior. As a digital-driven consumer insights platform, Populix experienced five-fold revenue growth for the year. The company signed up 52 new enterprise clients from 10 countries in 2020, spanning from traditional research buyers to SMEs and well-funded tech startups. Populix now offers over 250,000 high-quality respondents in its proprietary panel across 300 cities in Indonesia.

In October 2020, Populix’s respondent app was the #3 trending lifestyle app on Playstore, resulting in 4x new sign-up growth and 6x app traffic during that period. The company has introduced new activities for respondents in the app, including games, daily polls, rebate programs, and machine learning training-related tasks. Respondents are able to receive monetized incentives for contributing their time and insights to Populix’s clients.

“Through our technology-driven consumer insights offerings geared towards clients of all backgrounds and sizes, Populix provides comprehensive and unique insights into Indonesia’s vibrant consumer market. As we roll out new products and services, Populix will be able to more accurately capture the pulse of market dynamics and create significant value for our clients. In the future, Populix will introduce even more sophisticated services for our major clients that address targeted needs while continuing to refine our mass-market offerings to open the door for more people to gain access to consumer insights products,” said Timothy Astandu, Cofounder and CEO of Populix. “We are grateful for the confidence of our backers and their support in our journey to make consumer insights more accessible for everyone.”

“With its strong private consumption levels and rapid consumer upgrading, Indonesia is a dynamic market for brands both international and domestic. With consumer habits undergoing dramatic changes in recent years due to rising incomes and widespread embrace of digital commerce, Populix is providing clients with actionable insights into the latest consumption characteristics and trends of Indonesians,” remarked Patrick Yip, Founding Partner at Intudo Ventures. “We are excited to double down on our support for Populix as it continues to roll out new technology-driven consumer insights products and solutions to meet the needs of clients both big and small.”

“Southeast Asia is fast fulfilling its potential as the epicenter of global economic growth with Indonesia as the foremost market. As global and regional brands pour resources into the region, ensnaring the growth dividend lies in sense-making the disparate markets ahead of competition. We see that Populix has incisively deployed technology to modernize the old ‘Market Research’ service,” said Jeff Seah, Partner at Quest Ventures. “Together with their stewardship service mindset, MNCs & SMEs will now be able to read groundswells speedily and make business decisions using Populix’s solutions. Quest Ventures looks forward to partnering with the outstanding founding team behind Populix across Southeast Asia.”

Prior to this round of financing, Populix raised a US$1 million seed round of financing led by Intudo Ventures. The company was also part of Gojek’s Xcelerate program’s second batch, recognizing outstanding female founders.

About Populix
Founded in January 2018, Populix is a mobile-based consumer insights platform that supports comprehensive research and data collection via its app, providing an intimate window into the preferences of Indonesian consumers. Through qualitative and quantitative studies, Populix is able to provide valuable insights that help businesses and researchers better understand Indonesian consumers and improve business decisions, leveraging technology to accurately understand consumer feedback in real-time. For large clients, Populix offers a wide range of subscription-based and customized services, including brand health tracking, product launch perception auditing, customer satisfaction indexing, and custom research campaign management. The company also offers automated self-service research products catering to SMEs, independent researchers, and the general population, providing budget-friendly access to high-quality research and data.
For more information, please visit https://www.populix.co/

About Intudo Ventures
Intudo Ventures is an “Indonesia-only” Independent venture capital firm with an Involved/concentrated portfolio approach capitalizing on the rapid growth of private consumption and rising middle class in Indonesia. The firm acts as the Indonesia beachhead strategy for dozens of leading institutions, VC/PE/hedge funds, and family offices from the United States, North Asia, and Southeast Asia and supports the digital transformation strategy of dozens of leading Indonesian conglomerates. The firm primarily invests in Indonesian homegrown early-stage companies (lead or co-lead Pre-Series A & Series A/B financings, with an initial investment amount of US$1M-5M per company) led by best-in-class Pulkam S.E.A. Turtle and local founders in the agriculture, consumer, education, finance & insurance, health & wellness, and logistics sectors. Intudo portfolio companies include Xendit, Halodoc, TaniHub Group, Kargo, PasarPolis, BeliMobilGue, Yummy Corp., and more.

For more information, please visit https://intudovc.com/