A Singapore-based deals discovery app has raised $720k and aims to expand to the Hong Kong market.
Launched by Singaporean serial entrepreneur Benjamin Lee in 2014, who founded Sugar and its parent firm Sugar Technologies, a deals discovery mobile app with a novel process to give users discounts, disclosed to Singaporean digital lifestyle portal Vulcan Post that it had raised in excess of S$1 million ($720,000) in funding.
The investors include, Singapore Post chairman Lim Ho Kee, former Singtel chairman Koh Boon Hwee, DBS Bank and Singapore Airlines. Koh has also made investments into startup ventures such as Razer, DocDoc, and HotelQuickly.
Based on a novel system of leveraging on an individual users social networks, Sugar has several actions that lets users decrease deal prices.They can ‘skim’ a deal by pressing a button, bringing the price down and spreading it further to friends, who can skim it further to sweeten the deal. On reaching a point of satisfaction with the deal, they can proceed to buy it.
To date, the company has seen growing traction, with many outlets along the core of the downtown area and in the financial district. It currently has 500 listings across the F&B, entertainment and lifestyle services, with 50 listed outlets in Hong Kong.
The seed capital will go towards funding talent acquisition for a Hong Kong team, as well as business development activities in the city.