Singapore’s Circular Rides the Wave of Success
Founded by the quartet of Nick Ramsay, George Oliver, Pantha Roy, and Yaniv Bernstein in 2021, Singapore’s tech sensation, Circular, is revolutionising the way consumers engage with high-end electronic devices. Their unique subscription model is catching the eye of investors and tech enthusiasts alike, exemplified by their latest seed funding accomplishment.
Star-studded Investment Round
Circular’s recent seed funding round, amassing a colossal US$7.6 million, has the industry buzzing. AirTree Ventures took the lead, with YC Continuity Fund, Global Founders Capital, Partech Ventures, and January Capital all jumping on board. Furthermore, a galaxy of angel investors, featuring the founders of known brands like PropertyGuru, Funding Societies, Stashaway, Carousell, and Nutmeg, backed this ambitious venture. As the dust settles on this round, Circular now boasts a valuation at a staggering US$30 million.
Pioneering a New Way to Tech
Circular’s allure lies in its offer of premium tech device subscriptions, complete with a generous damage protection plan covering up to 90% of repair costs. Subscribers enjoy cutting-edge gadgets sustainably without breaking the bank. And, keeping pace with consumer demands, Circular has introduced gaming products to its portfolio in Singapore.
Future Expansion in Sight
This funding injection is slated for aggressive expansion. Not only is Circular deepening its footprint in Singapore, but it’s also eyeing the Australian market. Their B2B offering, “Circular for Business”, is tailored for startups and SMEs, and it promises to bridge the gap in these segments. Reflecting on its 3X growth over the past year, Circular is optimistic about mirroring this growth in both Singapore and Australia in the upcoming months.
Disrupting the APAC Electronics Scene
50 million. That’s the staggering number of premium tech devices sold in APAC in 2022. But many of these devices end up underutilized, representing a goldmine opportunity for Circular. As pioneers in the tech subscription niche in APAC, Circular is poised to reshape the consumer electronics industry.
By focusing on maximum utility and minimal wastage, Circular ensures each device lives out its full lifecycle. This, combined with their offering of refurbished devices and industry partnerships, signifies a step towards sustainability. For consumers, the cost-benefit is palpable; for instance, subscribing to an iPhone 15 Pro Max 256GB through Circular can save subscribers up to SG$955 as opposed to direct purchases.
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Voices from the Helm
Nick Ramsay, the driving force behind Circular, stated, “The problem of tech device underutilisation is huge, and Circular aims to help curtail it with our subscription model. By keeping products in use for longer – and keeping precious materials out of landfills – we hope to gradually shift patterns of consumption and reduce our collective burden on the environment. What’s most exciting for us is that we see many of our customers quickly come back for second and even third devices – indicating they’ve moved their device needs entirely to subscriptions and that they’re fully embracing the Circular Economy.”
Craig Blair, Founder and Partner at AirTree, voiced his enthusiasm, “Circular is at the heart of perennial and emerging consumer trends, such as the shift towards sustainability, changing ownership preferences and the desire to have the latest tech. On top of that, Circular’s founding team has an incredibly strong and complementary skill set across company building, product, engineering, marketing, and logistics that makes us excited to lead their Seed round and see where they take the future of the circular economy.”
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