Shoplinks received US$900,000 in seed funding from Cocoon Capital and IWEF.
Jakarta, TechnoBusiness ID (English Edition) ● Shoplinks, a cashback platform for fast-moving consumer goods (FMCG), today announced a seed round of US$900,000.
The funding round was obtained from an early-stage venture capital company from Singapore, Cocoon Capital, with participation from the Indonesian Women Empowerment Fund (IWEF).
The funding was obtained after Shoplinks was judged to be able to offer a smart digital marketing platform that simplifies coupon distribution and realizes coupon personalization to FMCG brands and retailers.
According to Teresa Condicion, co-founder and CEO of Shoplinks, FMCG brands in Southeast Asia spend around US$28 billion annually on promotion. Unfortunately, up to 70% of it is wasted due to lack of personalization and precise targeting.
In addition, the lack of digitization in shops and supermarkets in the distribution of promotions to buyers. That results in lost revenue opportunities for retailers.
Since launching by Teresa and JD Lee in 2020, Shoplinks has worked closely with major companies such as Procter and Gamble (P&G), Unilever, and Johnson & Johnson.
Shoplinks processes thousands of shopping coupons usage which is doubling every month. In this way, Shoplinks also doubles the return on investment in the promotion of these FMCG companies.
Teresa gave an example, the supermarket chain TikTop in Jakarta, for example, last month managed to grow their shopper transactions by more than 30% thanks to the use of cashback from Shoplinks.
Teresa, who has worked at P&G for 17 years with her last position as head of retail and shopper analytics for Southeast Asia, said she would use the funds to strengthen Shoplinks’ foothold in Indonesia before expanding into other regional markets.
The funding will also be used to strengthen teams, develop products, and expand networks with many retail partners or warungs that account for 70% of Indonesia’s retail spending.
“This is an industry ripe for a technology revolution, seeing how retailers in more developed regions such as the United States and Europe have embraced technology and thrived,” said Teresa.
He believes the partnership with Cocoon Capital and IWEF will accelerate the progress of Shoplinks. Because Shoplinks creates the missing link and solves the billion dollar problem between FMCG promotions and consumers.
“We are excited to join Shoplinks on their journey to accelerate digital transformation for retailers in the region,” said Michael Blakey, Managing Partner of Cocoon Capital, who recently joined Shoplinks’ board of directors.
Adele Tanuri, Head of Impact Investments YCAB Foundation who is joint fund manager for IWEF, also said that the funding at Shoplinks is in line with IWEF’s mission to support women entrepreneurs across Indonesia.●
—Purjono Agus Suhendro, TechnoBusiness ID ● Photo: Shoplinks
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