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“.
About Deal.com.sg
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.
About The Author
Gwendolyn Regina T - Co-Founder and Editor-in-Chief
Apart from SGE, Gwen is also a Partner at Thymos Capital, where she focuses on early stage investments in technology firms. She has had two exits out of her investments via the firm, one of which is iHipo. A frequent judge for business competitions both locally and overseas, she graduated from the National University of Singapore. Gwen also spent some time in Silicon Valley and studied in Stanford University under the NUS Overseas College programme. Gwen is a mentor at Spanish incubator Tetuan Valley, Polish incubator Gamma Rebels, the Singapore Ambassador for the Sandbox network and the Singapore curator for StartupDigest. She enjoys languages, travelling, dance and adventure sports. Gwen can be found on LinkedIn and Twitter.
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