Populix, Indonesian Consumer Insights Platform, Raised USD 1M in Seed Funding
Research service provider and database startup, Populix closed the initial funding round (seed funding) of USD 1 million. This investment was led by Intudo Ventures (an independent VC firm) and followed by Gobi Agung as well as Pegasus Tech Ventures.
Populix founder and CEO Timothy Astandu said that the market research industry could survive despite changing consumer habits due to modernization and digitalization. “We aspire to enhance market research and use technology to streamline the research process while making it more stringent,” he said.
This startup company conducted qualitative and quantitative studies to provide insights related to consumers for entrepreneurs in various fields. In addition to understanding customers, the data presented by Populix can be used to help entrepreneurs make the right business decisions.
This startup was established in January 2018 and has been utilized technology to understand real-time consumer feedback since then. Populix’s products include intensive research studies as well as simple surveys. Clients can arrange their services either on a subscription or project basis.
Populix Previously Participated in Gojek’s Xcelerate Program
Recently, Populix claimed to have completed research on up to 70 brands in 27 industries during the first year of operation. The clients range from multinational companies, Small and Medium Enterprises (SMEs), institutions to individuals based in Europe and Asia-Pacific.
Populix clients typically want to get insights about the Indonesian economy and consumers. In addition to research projects, Populix receives profits by offering in-house research and datasets to clients. The company plans to use this fresh fund to develop products, increase marketing efforts, and recruit new staff.
The startup itself was previously involved in Gojek’s Xcelerate program. It became one of two Indonesian startups that are selected to take part in the program. Being selected for the program, Populix is supposed to take part in the Demo Day event next year.
As a participant of Gojek’s Xcelerate program, Populix also receives an opportunity to get its service engaged to Gojek application. The program itself was a collaboration between Gojek and Digitaraya. Until 2020, both Gojek and Digitaraya have committed to holding four sessions of Gojek’s Xcelerate program.
Earlier this year, Populix has also risen USD 1.8 million through Series A funding. The funding was led by SIG China. At that time, Unifam Group, an Indonesian confectionery and food distributor, also joined the funding. It was used to develop Populix’s products.
NeuroSensum Is the Closest Competitor of Populix in Indonesia
Intudo Ventures as the lead investor considers Populix business to be very potential. This is because the majority of Indonesia’s economy (over 56%) is supported by household consumption. It is also supported by Indonesia’s rising middle class these past few years.
This venture capital also invests in other startups such as BeliMobilGue, Gojek, and Kargo. Intudo Ventures believes that Populix can help client companies attract consumers more effectively and make healthier business decisions. In the country, however, Populix should compete with some other startups.
Currently, there have been some existing players that also offer technology to deal with market research. Plus, they believe to provide more accurate consumer insights for their clients. NeuroSensum is one of the Populix’s competitors in the country. This startup is supported by various technologies.
In this case, the startup takes advantage of everything from electroencephalography technology, face programming, eye-tracking, to virtual reality technology to generate better consumer insights for customer brands. Recently, NeuroSensum raised USD 1.8 million capitals through a Series A funding round.
Meanwhile, Populix seems to be serious about its business. It allows researchers to publish their survey needs based on demographics, duration, and sample size. Then, Populix will automatically send an email to respondents that suit the research. In the end, researchers can give a present to the respondents.