(L-R) Circular Co-Founders Pantha Roy, George Oliver, Nick Ramsay, and Yaniv Bernstein
Circular, a Y Combinator-backed subscription service focused on high-end consumer electronics, has closed its seed funding round of US$7.6 million, led by AirTree Ventures, at a US$30 million valuation.
YC Continuity Fund, Global Founders Capital, Partech Ventures, and January Capital also co-invested. Additionally, notable angels, including the founders of PropertyGuru, Funding Societies, Stashaway, Carousell and Nutmeg, also joined the round.
With these funds, Circular is expanding its offerings in Singapore, doubling down on its expansion in Australia, and scaling its B2B offering to address the underserved startup and SME segments in both markets.
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Founded in Singapore in 2021 by Nick Ramsay, George Oliver, Pantha Roy, and Yaniv Bernstein, Circular offers customers subscriptions on a wide range of premium tech devices with free damage protection that covers up to 90 per cent of the repair cost.
Through a flexible and affordable monthly subscription, the startup allows customers to sustainably access the latest tech gadgets at a fraction of the cost. Adding to its core categories of phones, tablets and laptops, Circular recently began offering popular gaming products as part of its Singapore catalogue.
The company claims to have grown 3X in the last 12 months and plans to grow 3X more across Singapore and Australia in the coming year.
Circular’s business model maximises value while minimising waste by ensuring each device is utilised until the end of its usable life. By offering refurbished devices, in addition to brand-new options, and partnering with industry-leading specialists in refurbishment, Circular helps ensure that the precious resources used in the production of consumer electronics are put to good use by being brought back into market circulation until the end of its product life cycle.
Moreover, cost-savings are passed on to the consumer, allowing Circular to package unique and attractive subscription offerings. Using the iPhone 15 Pro Max 256GB as an example, subscribers can save up to SG$955 compared to purchasing the phone outright from Apple, with no device protection.
“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,” CEO Ramsay said.
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Image Credit: Cicrular
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