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Startups

Indonesian market research startup bags $1m in seed funding

Populix provides insights to help clients better understand local consumers

Indonesia's economy is driven by private consumption and a rising middle class.   © Reuters

JAKARTA -- Indonesian consumer insights platform Populix has closed a $1 million seed funding round led by Intudo Ventures that also received participation from Gobi Agung and Pegasus Tech Ventures.

Founded in January 2018, Populix provides real-time consumer feedback to help clients make better business decisions. Its products range from intensive research studies to simple surveys and can be arranged either on a project or subscription basis.

During its first year of operations, Populix researched more than 70 brands across 27 industries. Its clients, from individuals to multinationals, were based in Europe and the Asia-Pacific region.

In addition to carrying out research projects on behalf of clients, Populix also generates revenue by selling in-house research and data sets.

Populix, which was recently inducted into Gojek's Xcelerate program, says it will use the proceeds from the seed round to develop new products, do more marketing and hire new staff.

Intudo Ventures expects Populix to be able to tap a huge market; more than 56% of Indonesia's economy is driven by private consumption, and the country's middle class is on the rise.

The Indonesia-only venture capital firm also has stakes in Gojek, used car buyer BeliMobilGue and Kargo, an ad agency that specializes in advertising on mobile phones.

But Populix has competitors that have also developed market research technology and promise better consumer insights. One, NeuroSensum, uses electroencephalography, virtual reality, facial-coding and eye-tracking technologies.

Earlier this year, NeuroSensum raised $1.8 million in a Series A round led by SIG China. The round was joined by Unifam Group, an Indonesian confectionery and food distributor.

"The market research industry has long withstood change, despite the massive shifts in consumer habits brought about by modernization and digitization," said Populix co-founder and CEO Timothy Astandu. "By starting Populix, we aspire to improve market research, using technology to streamline research processes while simultaneously making it more rigorous.

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