LoveByte gets 6-figure seed funding from Crystal Horse Investments, Ruvento Ventures
November 6, 2012 by Terence LEE
LoveByte is spurned no more. After receiving little love from investors, the startup, which has developed a private social network for lovers, received a 6-figure seed funding from Crystal Horse Investments and Ruvento Ventures.
The investment, announced by the startup today, was made as part of i.JAM Reload, a Singapore government co-investment scheme. Wish Ronquillo, creative director at mig33, has come on board as LoveByte’s advisor. The funds will be used to accelerate the startup’s operations and growth in the next six to nine months. With over 20,000 users already, the investment would go some way towards paying for server costs, and more besides.
Steve Sng, founder of LoveByte, noted the support of incubator space Plug-In@Blk71 while his team was bootstrapping. It provided hot desks, a supportive and helpful community, as well as open pitch sessions for startups.
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Terence LEE - Editor
Terence writes mainly about technology trends and startups in Asia. He believes in crafting smart content: Not just a regurgitation of text, but well thought-out pieces that serve the reader using a combination of data, design, narratives, analysis, and visual impact. His articles have been published on Venturebeat, Yahoo!, Straits Times, Today, and The Online Citizen. He also co-founded NewNation.sg, a satirical news site covering Singapore affairs. Engage him on LinkedIn and Twitter.Read other posts by Terence LEE