Feedloop Receives Pre Series A Funding, Currently Operating a Codeless Application Development Platform

SaaS service developer for business digitization Feedloop secures pre-series A funding of an undisclosed amount. This round was led by Telkomsel Mitra Innovation (TMI) with the participation of Aksara Ventures and the previous investor, East Ventures.

Funds will be focused on accelerating the development of technology products, recruiting more human resources, and building distribution networks.

Was founded by Ahmad Rizqi Meydiarsi (CEO), Ronaldi Kurniawan Saphala (CTO), and Muhammad Aji Santika (CMO) in 2018; Feedloop provides much different services than in the early days. They first debuted with a platform that allows marketers to create interactive content such as surveys, quizzes, or digital stories to support online marketing.

While the existing SaaS has been expanded with two main products, Qore and AIXP. Qore is a no code development platform (NCDP), allowing users to develop applications without code/programming for various purposes, such as HR management, warehouse management, consumer applications, and others.

Moreover, AXIP was developed as a customer data and experience platform (CDXP), enabling users to manage digital data from various channels to improve their marketing capabilities. Including aimed at analyzing customer behavior in real-time.

"Entering its third year, Feedloop will continue its commitment to become a digital-enabler for Indonesian companies [..] The investment from TMI will help us to accelerate the realization of our great mission to create equitable digital transformation throughout Indonesia," Rizqi said.

Potential synergy

Since its debut in May 2019 with an initial managed fund of IDR 576 billion, TMI focused on investing in various types of startups that can be synergized with the main business of the parent. Synergy is an important point that is underlined, as a corporate venture capital (CVC), they carry an important mission to help companies achieve certain goals, in this case digital transformation.

The strategic partnership with Feedloop is no exception. Along with that, Telkomsel will jointly develop a data management platform and consumer experience. Various types of customer data will be formulated to be a more targeted marketing reference and product innovation. The purpose of developing this platform is also to help other SOEs (outside the Telkomsel group) adopt digital transformation.

Feedloop is now TMI's 13th portfolio company. Previously they have invested in Kredivo, Inspigo, EVOS Esports, TaniHub, Qlue, Tada, PrivyID, Roambee, Halodoc, SiCepat, Skor, and Sekolahmu.

"In the future, TMI will be further developed to open up various opportunities for collaboration and wider startup empowerment. We have prepared many things to realize various strategic plans in the future," TMI's CEO, Marlin R. Siahaan said on a media briefing (22/7).

Data and no-code platform projection

Previously there were Typedream and Cotter, no-code platforms developed by founders from Indonesia. They managed to secure seed funding from Y Combinator and some global angel investors. The service concept takes the form of a web builder and a passwordless login platform, allowing users to build their websites without programming; and create secure login access without requiring a password.

The convenience offered makes the no-code platform, or often also called low-code, growing rapidly. In the global arena, currently there are many SaaS-based platforms that offer similar capabilities for various specific needs.

Various kinds of no-code platforms in global market / Petro Inverinizzi (Stride VC) and Ben Tossell (Makerpad)

According to the findings of the Appinventiv survey, no-code services are in great demand by business people because it makes it easier for them to innovate and transform. As is known, businesses are required to agilely carry out digital transformation by going online. The manual development process can take a long time for companies just starting out, as they have to go through many stages, from planning to recruiting programming experts.

Survey on user's reasons to use low-code platform / Appinventiv

This potential brings the market value of these services to $45.5 billion by 2025. The existing platform variants not only facilitate the specific needs of large companies, but also for MSMEs who want to increase their online presence or minimize friction in their operational activities.

No-code platform market share in the world / MarketsandMarkets

–Original article is in Indonesian, translated by Kristin Siagian