Circular, a Singapore-based tech subscription service that offers customers the option to lease high-end electronic devices, has successfully raised $7.6 million in a seed round. The company’s unique subscription model allows users to lease devices like iPhones, Samsung Galaxy phones, iPad Pros, and MacBook Pros instead of purchasing them outright. The funding round was led by AirTree Ventures, with participation from YC Continuity Fund, Global Founders Capital, Partech Ventures, and January Capital, as well as angel investors from various tech startups.
Circular’s goal is to promote sustainability by extending the lifespan of electronic devices and reducing electronic waste. Electronic waste, or e-waste, is a significant global environmental issue, with millions of tons of electronic devices ending up in landfills each year, often containing hazardous materials.
With its subscription model, Circular enables customers to access the latest tech devices without the need for frequent upgrades or disposals. Users pay a monthly fee for the use of the device, and when they no longer need it or want to upgrade, they return it to Circular. The company then refurbishes and renews the device, making it available for another customer. This approach reduces the demand for new devices and extends the useful life of existing ones, contributing to sustainability efforts.
Circular’s subscription model is aimed at making technology more accessible to a wider audience while minimizing the environmental impact associated with electronic waste. The company’s initiative aligns with the circular economy concept, which seeks to minimize waste and maximize the value of products and materials through reuse, recycling, and refurbishment.
The funding will be used to expand Circular’s product-market fit in Singapore and further its expansion in Australia, where there is strong demand for used devices and sustainable business models. Additionally, Circular plans to focus on its B2B offering, Circular for Business, which serves startups and SMEs. The company’s goal is to have each device go through approximately six subscription cycles before recycling to bring materials back into circulation.
Circular’s subscription model represents a sustainable alternative to traditional device ownership and aligns with the growing trend of promoting environmental responsibility in the tech industry.
