1. Startups

Market Research Platform Populix Gets Funding Of 114 Billion Rupiah, Led By Intudo Ventures and Acrew Capital

Populix's Series A funding proceeds will be used for product development and regional expansion in 2023

Market research platform developer startup Populix received a Series A funding round in the form of financing (financing) 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 A pre-series funding valued at $1,2 million or equivalent to Rp17,3 billion from Intudo Ventures, which previously also led the 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, product optimization existing, and launched 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.

Meanwhile, Intudo Ventures Founding Partner Patrick Yip said that Indonesia is a market consumer which is growing rapidly and moving at a pace 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's important to understand the local mindset in order to be successful. Populix has demonstrated extraordinary capabilities. to describe the preferences of Indonesian consumers and convert the data points to business insights that can be acted upon," said Seah.

Product development to expansion

Timothy revealed, his party will recruit experts in the field of products and services engineering to improve data collection and accommodate the needs of more clients. To strengthen its position in Southeast Asia, it also plans to 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, Datasets based on subscription which contains thousands data points related to online consumption behavior, lifestyle, and emerging trends. Second, Poplite or research services with a pay-per-use model (pay per use). This service allows anyone to create surveys and collect business insights targeted and actionable.

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 fun 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 clients are users consumer insights the first to attempt to reflect on everyday utility so that businesses can understand consumers and achieve product-market fit.

Populix offers more than 300.000 verified respondents and targeted to participate in research activities related to preferences, habits, and opinions related to consumers in Indonesia. To validate the accuracy of respondents, Populix developed Popscore as credit scoring system which 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.

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