BillPin secures iJam funding, founder Darius shares ecosystem differences from tenCube days

BillPin, a mobile app that helps you keep track of shared bills and expenses with your friends, has just closed a seed round under the iJam scheme. They are currently incubated under NUS Enterprise.

According to the BillPin blog post, the team has recently closed a seed round under the iJam scheme (Tier 1), offered by Interactive Digital Media.

“The BillPin Pinchos are very grateful for the fantastic support from our local ecosystem and are happy to be joining the iJam and NUS family again.”

When reached out for comments, founder Darius Cheung whom previously exited his company tenCube to McAfee shared that the funding landscape is very much different now than when he first started the mobile security company a few years back.

“The landscape is definitely dramatically different: it’s very easy to get the first S$50,000 angel-round funding from grants and other sources, and if you do a good job, that gives you a reasonable chance for the S$600,000 seed round because of the TIS funds.

The world is entirely different for us when we were doing tenCube a few years ago: we really struggled to find funding – I’d even I spent half my time and energy in scraping together cash-flow sources to keep the company alive during the first few years of tenCube.

That said, as of now, it would seem there is a gap in Series A (S$1-3 million) level funding, which is not just a Singapore-centric phenomena – the Series-A-Crunch is happening in Silicon Valley too. So the wise thing to do would be for startups to figure out how to really be solid (or profitable) by the end of the seed round.”

BillPin was launched back in June 2012, and recently shipped out their Android app for Android users.