An Indonesian startup that provides consumer brands with omnichannel marketing and sales products, including cash-back rewards, has raised $3 million in a Series A-2 funding round, according to a report by TechCrunch.
The funding round for Pomona was led by Vynn Capital. It follows a Series A funding round but CEO Benz Budiman said it is not a Series B. Ventech China, Amand Ventures, Stellar Kapital and Central Capital Ventura also participated in the round.
The company was started in 2016 by Budiman and CTO Ari Suwendi. The company has software that allows for cash-back rewards and provides incentives to customers, as well as analytical tools for companies to measure engagement by customers and conversion numbers to see how well marketing and advertising campaigns are performing.
Pomona was made for brands in two specific spaces; food and seasonal products that turn over quickly and don’t have a long shelf life, and packaged goods like cleaning supplies or bathroom items.
Right now, the company has partnerships with upwards of 50 brands like Sungai Budi, Japfa, ABC President, Unilever and others.
The company plans to use the new funding to expand into new services, and eventually become a company that provides an end-to-end solution for businesses.
“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,” Budiman said.
Pomona also wants to expand into Southeast Asia.
Customers can use Pomona’s services by scanning a receipt with the Pomona app, or companies can use Pomona's software to make their own cash-back incentives. Pomona can help companies to increase sales and conversion rates, while giving them ways to motivate customers to engage.
“As a major driver for private consumption in Southeast Asia, Indonesia is an increasingly important market for global brands,” Vynn Capital Managing Partner Victor Chua said. “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.”