Deal.com.sg Raises Additional USD 1M From Rebate Networks
November 8, 2010 by Gwendolyn Regina T
Today Deal.com.sg announced that it has raised an additional US$1 million from its current investors, Rebate Networks, to further expand its leadership position in Singapore’s daily deal market. They have reached more than SGD 350K (USD 272K) in monthly sales within 5 months of operations.
This is the second round Deal.com.sg raised (first round was for Singapore and Malaysia), bringing the total capital raised since June to US$2 million. While the company’s market share has expanded to more than 60% locally, Deal.com.sg will use the capital to further strengthen its brand and expand its reach.
Michael Brehm of Rebate Networks says, “We are happy to continue supporting Deal.com.sg and its passionate founders on its future way. We also hope that this great example of a start-up will further strengthen Singapore’s entrepreneurial scene“.
DEAL.com.sg is a lifestyle shopping platform that enables online shoppers in Singapore to get the best deals in town. The website features a new deal from a popular retail merchant on a daily basis. With discounts typically between 50-90%, DEAL.com.sg partners with well-known brands, as well as ‘hidden champions’. This includes retail merchants within the F&B, lifestyle and entertainment industries. DEAL.com.sg is dedicated to finding the best deals in Singapore for its rapidly growing customer base.
About Rebate Networks
Rebate Networks GmbH is one of the leading operators in the worldwide group buying business model. Unbeatable Online Deals are the cutting edge web trend translating online shopping experiences to offline business. The venture capital fund based in Berlin has invested in several high potential E-Commerce-Start-ups. Rebate’s fund consists of over 15 portfolio companies that are located in more than 30 countries around the world. By co-founding and/or investing in new companies situated in strategically positioned markets Rebate Network continuously proceed to extend the coverage of our network and increase the dynamics within.
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About The Author
Gwendolyn Regina T - Co-Founder and Editor-in-Chief
Gwen is the co-founder and editor-in-chief of SGE. Previously, she was a partner of early stage technology investment firm, Thymos Capital and she has had two exits, one of which is iHipo. She is also an investor in Padlet, a Y-Combinator startup. Gwen also sits on the Board of Advisors for the Singapore Innovation & Productivity Institute, Steering Commmittee for the Singapore Infocomm Technology Federation Awards 2013, and Board of Advisors for Social Media Week 2013. A frequent public speaker, mentor and judge at various startup bootcamps, events and competitions, Gwen loves meeting founders, developers, designers and scientists across all ages. An alumnus of the National University of Singapore and its University Scholars Programme, Gwen also spent some time in Silicon Valley and is a graduate of the NUS-Stanford University overseas college programme. She is also a mentor at Polish tech startup incubator Gamma Rebels, the Singapore curator for US-headquartered StartupDigest and the Singapore Ambassador for the Sandbox Network - the leading global network of innovators under 30. Gwen has also been a Worldwide Judge for Imagine Cup - the premier student technology competition helmed by Microsoft. She has also spoken in Hong Kong at one of its largest youth conferences, MaD Asia, and was recently in Austria to help envision the future of the country's economy in 2032 on invitation from an Austrian governmental organization. Gwen speaks 3.25 languages, loves physics, travelling, dance and adventure sports. She can be found on LinkedIn and Twitter.Read other posts by Gwendolyn Regina T