Indonesian consumer insights platform Populix has closed a $1-million seed funding round led by Intudo Ventures, and followed by Gobi Agung and Pegasus Tech Ventures.
Founded in January 2018, Populix, through qualitative and quantitative studies, provides insights that help clients better understand Indonesian consumers and improve business decisions. It leverages technology to accurately understand consumer feedback in real-time.
Populix’s products range from intensive research studies to simple surveys and can be arranged either on a project or subscription basis.
During the company’s first year of operations, Populix claims to have completed research on more than 70 brands across 27 industries including multinationals, SMEs, institutions, and individuals based in Europe and Asia-Pacific looking to gain insights on Indonesia’s dynamic consumer-driven economy and consumer preferences.
In addition to research projects, Populix also generates revenue through selling in-house research and datasets to clients.
Populix, which was recently inducted into Gojek’s Xcelerate program, says it will use the proceeds from the seed round to develop new products, enhance marketing efforts and hire new staff.
“The market research industry has long withstood change, despite the massive shifts in consumer habits brought about by modernization and digitalization. By starting Populix, we aspire to improve market research, using technology to streamline research processes while simultaneously making it more rigorous,” said Populix co-founder and CEO Timothy Astandu.
Lead investor, Intudo Ventures, sees a huge opportunity for Populix particularly with over 56% of Indonesia’s economy driven by private consumption paired with the country’s rising middle class. The Indonesia-only VC, which is also an investor in BeliMobilGue, Kargo and Gojek, believes that its new portfolio startup can help companies more effectively engage with Indonesian consumers and make sounder business decisions.
However, Populix will be competing against a few existing players in the country that have also developed technology to conduct market research and provide more accurate consumer insights. One of them is NeuroSensum, backed by electroencephalography, virtual reality, facial coding, and eye-tracking technology, to develop consumer insights for consumer brands.
Earlier this year, the company raised $1.8 million in Series A funding led by SIG China. The round was also joined by Unifam Group, an Indonesian confectionery and food distributor.
