Circular, a tech subscription service focused on high-end consumer electronics, closed a $ 7.6-million seed funding round led by Australian venture capital firm AirTree Ventures.
The funding round brings the total valuation of the company to $30 million, according to a release.
Y Combinator Continuity Fund, Global Founders Capital, Partech Ventures, and January Capital participated in the round along with angel investors, including the founders of PropertyGuru, Funding Societies, Stashaway, Carousell, and Nutmeg.
Circular plans to use the funding to expand its offerings in Singapore, double down on its expansion in Australia, as well as expand its B2B offering, Circular for Business, to address the startup and SME segments in both markets.
“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,” said Craig Blair, founder and partner at AirTree.
AirTree Ventures announced raising A$700 million (about $495 million) across three new funds that will continue to bet on startups in Australia and New Zealand in February last year.
Founded in Singapore in 2021 by Nick Ramsay, George Oliver, Pantha Roy, and Yaniv Bernstein, Circular offers customer subscriptions on a wide range of premium tech devices with free damage protection that covers up to 90% of the cost of repair.
Adding to its core categories of phones, tablets and laptops, Circular has recently begun offering popular gaming products as part of its Singapore catalogue. The company has 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 ensures that each device is utilised until the end of its usable life. At the end of their subscription, customers can upgrade, swap, or return their device after which the company refurbishes it before putting them into the hands of the next consumer.