Exclusive:Thai dating app to raise $400K seed fund

company logo and app visual from noonswoonapp.com

Thailand-based dating app platform Noonswoon is planning to raise a second seed fund in April, next year. The startup that has been operating its successful mobile dating application since December 2012, is preparing to go regional, with the funds raised from second seed financing.

The new fund is expected to be around $400,000, similar to the first seed funding amount, which was provided by its lead investor Golden Gate Ventures, Noonswoon’s managing director Kavin Asavanant told DEALSTREETASIA.

“We are talking with investors to propose our business plan. For the next step, we would like to launch Noonswoon in other capital cities in Asia, such as Kuala Lumpur, Taipei, Hong Kong, Singapore, Jakarta and Manila. This big move will require us to raise the new fund,” he said.

The fund will be spent on hiring more staff and developing new features, which will help users understand themselves better so that they can choose right people.

Noonswoon is a combination of two words, “noon” and “swoon”, as it selects and delivers one contact person to users at noon every day.

“We are different from other matchmaker service because our application was developed keeping in mind the Asian culture, which is less open than westerners. We feel more comfortable with someone who is linked to us – such as a friend of friend – rather than complete strangers. That’s a reason why we require our users to sign up with their facebook accounts,” he explained.

Currently, the app has around 100,000 users, and a market share of 10-15 per cent in its  target group in Thailand. The company aims to increase the number of users to about 40-50 per cent of the target group in 2015.

So far, the scope of Noonswoon is somewhere between a match-maker and a friend-maker. However, the company is thinking about launching Noonswoon Premium, a new channel that will arrange active dating for those who seek the right person and expect a serious relationship.

Image: www.freedigitalphotos.net

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.