Funding

Circles.Life Raises Funding To Support Expansion, To Hire More S'pore Engineers By End-2019

Circles.Life announced today that it has closed a funding round for an undisclosed amount led by EDBI with participation from Silicon Valley-based Founders Fund.

This is following a US$50 million funding led by Sequoia India in February 2019.

According to the firm, this new funding will be used to build a tech hub in Singapore and to drive innovation in the personalised digital services space in Singapore and beyond.

It will also bolster Circles.Life’s capital resources and support the Singapore-based company to go global.

Internationally, Circles.Life is expanding its presence across Asia Pacific region and beyond.

Circles.Life is on track to launching in Taiwan this month, and will be launching its services in Australia later this year.

The company also shared its ambition to grow its Singapore engineering team by 50% by end-2019.

It currently has 110 engineers in Singapore, but aims to increase the headcount to 165 engineers.

“We have raised the bar in Singapore’s telco space and will continue our effort to digitise the global mobile services industry,” said Abhishek Gupta, co-founder of Circles.Life.

In terms of subscriber base, Circles.Life said that it has grown by more than 9 times from Q1 2017 to Q1 2019.

It added that it has revolutionised the traditional mobile telco industry and captured 5% market share in Singapore since its launch.

On future business plans, Circles.Life shared that it plans to launch in more than five countries in the next 18 months. It previously said that it will invest over S$50 million in each market.

Featured Image Credit: Circles.Life

 

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