Indonesian startup Pomona raises $3 million to help brands increase engagement with cashback offers
Pomona, an Indonesian startup that creates omnichannel marketing and sales software for consumer brands, announced today it has raised a Series A-2 of $3 million led by Vynn Capital. The round also included participation from new investors Ventech China and Amand Ventures, and returning ones Stellar Kapital and Central Capital Ventura.
(As for why it’s an A-2, co-founder and CEO Benz Budiman explained the company already raised an undisclosed pre-A round, which was reported in the media last year as a Series A. To avoid confusion about this funding since it is not a Series B, they are referring to it as an A-2).
Founded in 2016 by Budiman and CTO Ari Suwendi, Pomona’s software enables brands to offer cashback incentives to Indonesian consumers and includes tools for analyzing customer engagement, offline sales conversion and the effectiveness of marketing and advertising campaigns. It was developed specifically for brands in two categories: consumer packaged goods, such as toiletries and cleaning supplies, and fast-moving consumer packaged goods, or items with a short shelf life and high turnover like food and seasonal items.
The company currently works with more than 50 brands, including Unilever, Japfa, ABC President, Sosro, Frisian Flag and Sungai Budi.
Pomona’s new funding will be used to add new services with the goal of becoming an end-to-end solution, says Budiman. “For brands, we want to provide more information and data points so they can better understand local Indonesian consumers and tailor their engagement strategies to improve outreach efficiency, cut costs and better address their needs.”
The company also has plans to expand into new markets in Southeast Asia, but is keeping which countries under wraps for now.
Pomona’s solutions let customers redeem cashback offers by scanning a receipt with the Pomona app, or its partners can use Pomona’s white-label solutions to create their own branded cashback rewards app. In addition to increasing sales, Pomona’s solutions can help increase offline-to-online conversion rates, since most purchases are still made in brick-and-mortar stores. This gives companies a new way to examine what motivates customer engagement and their purchasing behavior.
In a press statement, Vynn Capital founding partner Victor Chua said, “As a major driver for private consumption in Southeast Asia, Indonesia is an increasingly important market for global brands. Understanding the behavioral traits of local consumers is essential for brands entering and operating in this dynamic market as consumers become more educated and preferential in their spending options.”