Circular Secures Seed Round with $7.6 Million

Circular, a Y Combinator-backed Singaporean subscription service focused on high-end consumer electronics, has raised $7.6 million in venture funding. The investment round, led by AirTree Ventures, also included investors from YC Continuity Fund, Global Founders Capital, Partech Ventures, and January Capital, Circular said in a statement on Oct 9.

The investment round was also supported by famous angel investors, including the creators of PropertyGuru, investment Societies, Stashaway, Carousell, and Nutmeg, according to the announcement. Circular's overall valuation now stands at $30 million.

Circular is using these funds to expand its unique offerings in Singapore, drill deeper into product market fit, double down on its expansion in Australia, and aggressively expand its business-to-business (B2B) offering, Circular for Business, to address the underserved startup and small and medium-sized enterprise (SME) segments in both markets. Circular has expanded three times in the last year and expects to grow three times more in Singapore and Australia in the following year.

"The problem of underutilized tech devices is enormous, and Circular aims to help curtail it with our subscription model," said Nick Ramsay, Circular's Chief Executive Officer and Co-Founder.

"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," he said.

Circular, founded in 2021 in Singapore by Nick Ramsay, George Oliver, Pantha Roy, and Yaniv Bernstein, gives clients subscriptions on a wide selection of luxury electronic items with free damage protection covering up to 90% of the repair cost.