Singapore-based Digital Property Agency, Greyloft Concludes Seed Funding With US$1.1 Mil

Greyloft - Help You Find The Perfect Home

When it comes to buying or renting a home, the process can be quite a hassle. Witnessing this, a Singaporean-based real estate startup, Greyloft seeks to bring the experience of house hunting online. In its most recent fundraising round, it secured an amount of US$1.1 million with the round led by DSG Consumer Partners and Wavemaker Partners.

Aiming to bring the whole realty journey online, Greyloft is a licensed real estate agency experimenting with the uses of technology to achieve the facilitation of house rental processes online. In other words, Greyloft aims to become a one-stop platform for users to make a smarter decision on deciding where to live.

Founded in September 2016, the story behind the company started when the founders, Mr. Narayanan and Mr. Agarwal experienced the troublesome house-hunting processes themselves when they came to Singapore to pursue their studies in the National University of Singapore.

Henceforth, the startup embodies their goals to bring transparency and simplification to the process as well as working towards the common goal of being “Asia’s preferred brokerage”. To accomplish this, the startup is working on a combination of software tools with its own in-house real estate agents who aid home seekers with paperwork, moving in and support after the customer moves into the new property.

Instead of going to multiple agents when you want to purchase or rent a house, Greyloft provides customers with as much information about the properties in their interested location sufficient enough to facilitate decision-making.

“A lot of the data that our customers need is already out there. However, it’s hard to make sense of it all, and they tend to refer to unreliable sources for information. We are building a team of data scientists and researchers to develop technology that will help cut through this clutter and present them with relevant information and data,” says Archit Agarwal, Greyloft co-founder

The startup also plans to extend it reaches from rentals to property sales. Greyloft will put funding toward product development, build data-driven online research tools for customers and tools that make the offline segment of real estate businesses easier for both the users and the agent. The funding will also be intended for recruitment purposes, building up its product team and agent staff as well as to boost the brand through various marketing efforts.

The company monetizes by charging a commission on successful transactions. Siddhesh doesn’t provide specific numbers but tells Tech in Asia that Greyloft’s revenue has grown 18 percent month-on-month since January 2016.

For more information, please visit https://www.greyloft.com/

Contact Info:
Name: Vivian
Organization: Unicorn Media

Singapore-based Startup, Refash Raises US$ 294K In Seed Funding Round

Refash Team

A startup enterprise based in Singapore, Refash has recently announced that it has raised S$400,000 (approximately US$294K) worth of fundings for its starting seed round. The funding round was led by Singapore’s Tri5 Ventures and Malaysia’s Tinkbig Ventures.

For those uninitiated, Refash was named after the concept of “refashioning” which means the reinvention of a new type of fashion trend where people can still spot a different outfit daily without burning a hole in their wallet.

The idea was also borne out of the alarming environmental consequences of trending fashion where 41.5 million kilogram of clothings were being disposed by Singaporeans annually.

Hence, Refash hopes to hone and grow the acceptance of Singaporeans in the practice of buying and using second-hand clothings by mediating the process and provide a solution to resell clothing surplus efficiently, easily and quickly.

In other words, Refash aims to help women clear their wardrobe through providing a retail platform for women to buy and sell their clothing items efficiently. The startup also look forward to refashion the concept of “buying” for shoppers, enforcing the idea that they do not have to hold on to the clothes forever.

“The disposing of so much clothing is a real waste, literally. Rather than just throwing away, I believe in the immense potential in the problems we are solving – bursting closets, clothes wastage and rising landfills to dispose these clothes”, said Refash CEO and Founder, Aloysius Sng in e27.

Hence, by creating a system which facilitates fashion resell, users who wish to clean out their closets just have to pack their unwanted items and the rest is handled by the Refash team where the team will then sell the items on their platform and outlets.

“People who want to clear their closets of unwanted clothes just need to pack and have them picked up by Refash. We will do the rest,” Aloysius Sng adds.

Since its launch in January 2016, the idea has been proven profitable as the six-months old enterprise has already earned a revenue of S$250,000. Selling more than half of the 40,000 “looking-brand new” clothing items which it has processed. Additionally, the startup has also successfully cashed out at least S$150,000 to its sellers.

Reportedly on e27, Refash plans to use the fundings on enhancing its technology, both on the front-end platform as well as their back-end inventory system. It also plans to build on its business networking group of resellers to facilitate quicker movement of the items.

Besides that, Refash with Tinkbig Venture on board. also has the ambition to expand its market to Malaysia by the end of the year.

About Refash:
Refash is a Singaporean-based fashion portal that sells second-hand fashion, helping women get rid of clothes they no longer want to keep. Refash collects clothes from sellers and processes them which includes taking snapshots of the item before listing them on the website for sale.