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.

UniFa Wins Japan Regional Championship And Is Now On Road To Startup World Cup For US$1 Million

Unifa Wins Japan Regional Startup World Cup

Ten Japanese startups go head-to-head in the regional round of Startup World Cup, participating in a series of pitch contest as they fight for the chance to be their national representative in order to participate in the grand finale which will be held in Silicon Valley, San Francisco next year.

In the end, the regional champion turned out to be UniFa, a startup enterprise providing  an Internet of Things (IoT) solution for parenting and child development which has won the judges’ votes amidst other competition. The panel of well-known judges was from Japan’s own technology and startup’s system, that is SNS founder Takafumi Horie, ABBA Lab CEO Osamu Ogasahara, and Gumi CE0 Hironao Kunimitsu.

Some of the competition that UniFa has headed up against includes Alpaca, a fintech startup based in Japan and US which leverages on artificial intelligence to create an automated trading platform, and D Free, a medical wearable that detects the user’s intestinal tract activity and alerts the user that it’s time for them to use the restroom.

UniFa, on the other hand,  offers the solution of a small robot called Meebo, an application that is designed to track kindergarteners’ physical and mental growth. It functions as a smart thermometer, and a smart bed collecting data from kindergarteners in order to provide parents with a better idea of their child’s feelings and experiences. The robot is also  said to be able to cut down the unnecessary workload of handling paperwork for kindergarten teachers, which thus would allow  them to concentrate on the child’s education.

With this, UniFa will be able to bring their company mission, that is to lessen the communication gap between children and their parents to the global platform as UniFa has withheld a place as one of the top 16 startups from 14 countries that will go head-to-head on March 24, 2017, in San Francisco where the next wave of entrepreneurs will be born and the winner takes all.

About Startup World Cup:

Looking for the world’s brightest mind across the globe and groundbreaking solutions that will move ecosystems forward, Startup World Cup is an event organized by Fenox Venture Capital  that is dedicated to launching and advising the world’s next wave of leading entrepreneurs.

For more information, please visit: http://www.startupworldcup.io/

Contact Info:
Name: Vivian
Organization: Unicorn Media