Snooper said to bag AUD $1m in funding led by Microequities

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fintech insurtech wealthtech regtech ai cybertech esg news

Retailer data platform Snooper has reportedly bagged AUD $1m ($755,000) in its latest funding round.

The funding round was led by Microequities Venture Capital Fund, according to a report by FinSMES. As part of the transaction, Microequities’ Daniel Szekely will join the company’s board, the article said.

Snooper is a mobile app that enables retailers to access data from mystery shoppers. Customers can download the app where they will be asked to fill out mystery shopper survey in exchange for a cash reward of up to AUD $15 on each trip.

A retailer builds a mystery shopper ‘mission’ which can then be completed by a consumer in-store or complete surveys from their homes. With the data gathered, a client can build better images of sales and consumer insights to better track performance and areas of growth.

With this capital injection, the company will use the funds to accelerate its growth across Australia, hire more staff and bolster its user base, it stated. Snooper is also looking to develop new solutions in collaboration with its flagship clients.

Last year, Microequities contributed to the $3.75m Series A round of Australia-based accounting platform Practice Ignition. The company provides accountants with a cloud-based platform to manage client relationships, workflow and payments.

The firm’s venture fund closed in 2016 on more than $10m, and looks to make a minimum investment of $100,000. Its target returns are 25 per cent p.a., with a typical investment term lasting between seven to ten years.

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