abillion, a Singapore-based sustainability-focused social commerce platform, has raised US$10 million in a Series A financing round led by New York-based 1/0 Capital.
Other co-investors include Mamoru Taniya (chairman of Tokyo-based SDG Impact Japan), Bradley Busetto (former director of the United Nations Development Programme Global Centre on Tech, Innovation and Sustainability and founder of the UN’s first impact venture fund).
The new capital injection will be used to strengthen abillion’s product development, engineering and design capabilities.
The startup also plans to channel the funding to build a peer-to-peer marketplace within the abillion app that enables consumers to sell sustainable products and services to each other.
Also read: How consumers are prioritising sustainability beyond the single lens of eco-friendly products
Founded in July 2017 by Vikas Garg, a former investment banker and fund manager, abillion aims to repurpose social media and e-commerce for sustainability and social impact.
The firm focuses on promoting the acceptance and use of plant-based food and earth-friendly products. Through the digital ecosystem, members can discover, review sustainable choices around them, and share content with the community. This helps people make smarter decisions around what they eat and wear and connects those choices back to measurable impact for society, animals and the planet.
So far, abillion claims to have over one million reviews of sustainable food, fashion and beauty products from more than 60,000 consumer products brands across 162 countries.
The startup also boasts more than one million downloads for its mobile app. “We have a long road ahead in achieving our target of one billion people committed to plant-based living and a more sustainable planet,” said Garg.
Before the Series A round, abillion attracted US$7 million in early funding from Zurich-based venture fund Blue Horizon and several angels, including Timo Recker (co-founder and executive chairman of Next Gen Foods) and Mamoru Taniya (chairman and CEO of Asuka Holdings).
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Image Credit: abillion
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