Singapore-based smart streaming karaoke startup Popsical announced today that it has secured US$5 million in Series A round of investment, led by local VC firm Quest Ventures.
Seeds Capital, the investment arm of Enterprise Singapore, also participated.
The startup said in a press statement that it will use the funds for market expansion, hiring and developing the roadmap of its products and SAAS services.
Founded in 2016 by three Karaoke enthusiasts, Popsical makes use of a licensed cloud-based streaming system to come up with a library of songs, which is updated daily in multiple languages. It also has inbuilt features like “sing like a rockstar or a chipmunk” to capture its GenZ and Millennials audience.
Popsical delivers compact size portable boxes which can be controlled by an app, in comparison to older models which used to be heavy and bulky and could only be fixed on one location.
“The startup has spotted a viable gap in the market, and we anticipate increasingly interesting opportunities for the company to exploit, especially with the Zoom-environment meeting becoming a part of family and community life across the globe. They are an excellent team of technology lifestyle entrepreneurs and have our full support,” said Jeffrey Seah, Partner of Quest Ventures. who has now joined the startup’s Board of Directors.
First originating in Japan, Karaoke has become a popular form of entertainment in Asia, and has expanded to different regions of the world. The global karaoke market has been valued at US$4.2B in 2020 which is projected to touch US$4.6B by the end of 2026.
In COVID-19 times, the company claims that it has “seen a large uptake in Popsical’s global demand via its e-commerce website.”
Some of Popsical’s early investors are Apricot Capital, Teo Heng KTV, Cash Studios KTV, OMG Ventures, and Mediacorp.
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