Tech subscription service Circular bags US$7.6 million in seed funding

CONSUMER electronics subscription service Circular has obtained US$7.6 million in seed funding in a round led by venture capital fund AirTree Ventures.

YC Continuity Fund, Global Founders Capital, Partech Ventures and January Capital participated in the funding round. Angel investors included the founders of PropertyGuru, Funding Societies, Stashaway, Carousell and Nutmeg, the Singapore-founded startup said on Monday (Oct 9).

The seed funding brings Circular’s total valuation to US$30 million. It will use the funds to bolster its offerings in Singapore, expand to Australia and roll out its business-to-business offering, Circular for Business, aimed at startups and small and medium-sized enterprises.

The platform, founded in 2021 and backed by Y Combinator, offers customers subscriptions on premium tech devices with free damage protection that covers up to 90 per cent of repair costs. At the end of the subscription, it refurbishes or recycles any returned devices before passing them on to another consumer.

The platform recently started offering gaming products as part of its Singapore catalogue. 

“By keeping products in use for longer – and keeping precious materials out of landfills – we hope to gradually shift patterns of consumption and reduce our collective burden on the environment,” said Circular chief executive and co-founder Nick Ramsay.