Populix Market Research Platform Receives 114 Billion Rupiah Funding
Market research platform developer startup Populix secured a Series A funding round of $7.7 million or IDR 114 billion, led by Intudo Ventures and Acrew Capital. Also participating are Altos Ventures and Quest Ventures.
Last year Populix received $1.2 million in pre-series A funding from Intudo Ventures, which previously also led seed funding in 2019, and Quest Ventures.
Populix is a platform that offers research and data collection activities for businesses, companies, and individuals to facilitate decision making using qualitative and quantitative studies.
In his official statement, Populix Co-founder and CEO Timothy Astandu said, his party will strengthen the digitization of the entire data collection process, optimize existing products, and launch a number of new services that allow anyone to make the right decisions for their business.
“People no longer rely on instinct to run their businesses. We are building a world where Fortune 500 entrepreneurs and CEOs can access fast and relevant data to drive their business decisions,” said Timothy.
Indonesia is a Rapidly Growing Consumer Market
Meanwhile, Intudo Ventures Founding Partner Patrick Yip said that Indonesia is a consumer market that is growing rapidly and moving at a speed that is difficult for local businesses to understand. Therefore, proper and accurate understanding is needed for the success of large and small businesses.
“As one of Populix’s earliest supporters, we are proud of how the Populix team is maturing and iterating over their products to keep up with the ever-changing Indonesian market,” said Yip.
Quest Ventures partner Jeff Seah added, “Southeast Asia has become a leading market for global companies to drive business growth and enter new consumer classes. For new businesses in the region, it is important to understand the local mindset in order to be successful,” said Seah.
Populix has demonstrated an outstanding ability to describe Indonesian consumer preferences and turn data points into actionable business insights.
Product Development To Expansion
Timothy said that his party will recruit experts in the field of product and engineering to improve data collection and accommodate the needs of more clients.
To strengthen its position in Southeast Asia, it also plans regional expansion in 2023 with an initial focus on Poplite products.
Founded in January 2018, Populix offers a number of services for research needs. First, subscription-based datasets that contain thousands of data points related to online consumption behavior, lifestyle, to emerging trends.
Along the way, Populix has also developed a B2C (business-to-consumer) product line through Poplite, a Software as a Service (SaaS)-based self-survey service that allows anyone to do research quickly at an affordable price.
Poplite or research service with a pay-per-use model. This service allows anyone to create surveys and gather targeted and actionable business insights.
According to Timothy, Populix’s initial mission was to make research activities easier, simpler, more accurate for businesses, and accessible to anyone with the support of technology.
With Populix’s ability to transfer data sets online and mobile, it seeks to make research activities more exciting and rewarding for respondents.
Since 2020, Populix has conducted research activities with more than 1,500 clients, ranging from the Fortune Global 500, government, conglomerate companies, MSMEs, academics, and individuals in Indonesia.
According to his records, as many as 45% of Populix’s clients are first-time users of consumer insight who seek to reflect on daily utilities so that business people can understand consumers and achieve product-market fit.
Populix offers more than 300,000 verified and targeted respondents to participate in research activities related to consumer preferences, habits and opinions in Indonesia.
To validate the accuracy of respondents, Populix developed Popscore as a credit scoring system that assesses the quality of respondents from the level of honesty and activeness of a respondent. The company claims to have tripled revenue growth over the past year.