Adtech startup Pencil aims for Series A in 12-18 months after S$1.5m seed round

Singapore

SINGAPORE-BASED adtech startup Pencil has raised S$1.5 million through a seed round led by early-stage venture capital firm Wavemaker Partners, together with SGInnovate and talent investor Entrepreneur First.

With the proceeds, the company is aiming to double its headcount within the next year and to return to the market for further funding in the next 12 to 18 months, co-founder Will Hanschell told The Business Times.