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News  11, Sep 2010

Foound raises US$500k in seed round; pitching at DEMO

FooundEast Ventures and a “local angel investor” join Neoteny Labs in a US$500,000 seed-funding round in Singapore startup Foound. To our knowledge, this makes it the largest seed-funding round for a Singapore startup this year.

“We are extremely excited to work alongside our investors to develop Foound
into a game changing social application on both mobile and web,” said Danny
Tan, CEO of Foound. “This investment will help us grow our team, mature the
product, and launch Foound globally in the coming months.”

“We are extremely excited to work alongside our investors to develop Foound into a game-changing social application on both mobile and web,” said Danny Tan, Foound’s chief executive, in a press release. “This investment will help us grow our team, mature the product, and launch Foound globally in the coming months.”

Foound launched its iPhone application, available to the Singapore market only, on 31 July. However, the company said the Singapore launch is only a beta to expand usability testing, and that the full application will be launched at the startup pitching event DEMO on 14 Sept.

“The US is also one of our key geographies due to its strong base of tech-savvy and highly social smartphone users,” Tan said. He said he would be looking at exploring opportunities with social networking giants based in US.

Two weeks ago we announced that Foound received funding from Neoteny Labs under the Singapore government’s Technology Incubation Scheme. The amount invested was undisclosed. Foound’s latest press release says that Joi Ito from Neoteny Labs will have a seat on Foound’s board while Bataro Eto from East Ventures will becomes an advisor.

We caught Tan on the phone right after he sent us his press release. Apparently, we got him just in time because he was packing and about to leave for Changi Airport (presumably for DEMO?).

“We met Batara Eto at echelon 2010,” Tan said of his new investor from East Ventures. Eto is known as a co-founder of Japan’s largest social network, Mixi, and he started East in Singapore to look for deals in regional early-stage web startups. East’s previous investments include Indonesia-based companies Scraplr, Tokopedia and Urbanesia.

We asked Tan who the “local angel investor” was, but he only said, “The investor wants this to be kept confidential, so we can’t reveal his name.”

Foound is an iPhone application that makes organising hangouts easier. Their pitch at echelon 2010 made them the stars of the show. Dave McClure, who was judging their pitch, was moved to say: “Singapore, you have hope!”

Half of Foound’s team will be flying to California for DEMO. The company is also working on Foound for Android and BlackBerry.

  • http://twitter.com/FastWhisper FastWhisper

    Foound raises US$500k in seed round; pitching at DEMO http://bit.ly/d5wvBe #FastWhisper #Web
    This comment was originally posted on Twitter

  • http://twitter.com/KIPL KIPL

    Foound raises US$500k in seed round; pitching at DEMO http://bit.ly/d5wvBe #Web #Asia
    This comment was originally posted on Twitter

  • http://twitter.com/CampGiraffe CampGiraffe

    Foound raises US$500k in seed round; pitching at DEMO: East Ventures and a “local angel investor” join Neoteny Lab… http://bit.ly/cVxXdJ
    This comment was originally posted on Twitter

  • http://twitter.com/FastWhisper FastWhisper

    Foound raises US$500k in seed round; pitching at DEMO http://bit.ly/d5wvBe #FastWhisper #Web

    This comment was originally posted on Twitter

  • http://twitter.com/KIPL KIPL

    Foound raises US$500k in seed round; pitching at DEMO http://bit.ly/d5wvBe #Web #Asia

    This comment was originally posted on Twitter

  • http://twitter.com/CampGiraffe CampGiraffe

    Foound raises US$500k in seed round; pitching at DEMO: East Ventures and a “local angel investor” join Neoteny Lab… http://bit.ly/cVxXdJ

    This comment was originally posted on Twitter

  • http://twitter.com/poet1968 poet1968

    RT @KIPL: Foound raises US$500k in seed round; pitching at DEMO http://bit.ly/d5wvBe #Web #Asia
    This comment was originally posted on Twitter

  • http://twitter.com/poet1968 poet1968

    RT @KIPL: Foound raises US$500k in seed round; pitching at DEMO http://bit.ly/d5wvBe #Web #Asia

    This comment was originally posted on Twitter

  • http://twitter.com/E27sg E27sg

    Foound raises US$500k in seed round; pitching at DEMO http://bit.ly/9MxQpx
    This comment was originally posted on Twitter

  • http://twitter.com/E27sg E27sg

    Foound raises US$500k in seed round; pitching at DEMO http://bit.ly/9MxQpx

    This comment was originally posted on Twitter

  • http://twitter.com/angadsg angadsg

    RT @e27sg Foound raises US$500k in seed round; pitching at DEMO » e27 http://bit.ly/cBUtmX
    This comment was originally posted on Twitter

  • http://twitter.com/angadsg angadsg

    RT @e27sg Foound raises US$500k in seed round; pitching at DEMO » e27 http://bit.ly/cBUtmX

    This comment was originally posted on Twitter

  • http://twitter.com/yaoquan yaoquan

    RT @E27sg: Foound raises US$500k in seed round; pitching at DEMO http://bit.ly/9MxQpx
    This comment was originally posted on Twitter

  • http://twitter.com/yaoquan yaoquan

    RT @E27sg: Foound raises US$500k in seed round; pitching at DEMO http://bit.ly/9MxQpx

    This comment was originally posted on Twitter

  • http://twitter.com/nickpan nickpan

    Congrats! RT @E27sg: Foound raises US$500k in seed round; pitching at DEMO http://bit.ly/9MxQpx
    This comment was originally posted on Twitter

  • http://twitter.com/nickpan nickpan

    Congrats! RT @E27sg: Foound raises US$500k in seed round; pitching at DEMO http://bit.ly/9MxQpx

    This comment was originally posted on Twitter

  • http://twitter.com/coderkungfu coderkungfu

    @foound: Awesome!!! RT: @e27sg Foound raises US$500k in seed round; pitching at DEMO http://t.co/XiVchMQ
    This comment was originally posted on Twitter

  • http://twitter.com/coderkungfu coderkungfu

    @foound: Awesome!!! RT: @e27sg Foound raises US$500k in seed round; pitching at DEMO http://t.co/XiVchMQ

    This comment was originally posted on Twitter

  • http://twitter.com/foound foound

    RT @coderkungfu: @foound: Awesome!!! RT: @e27sg Foound raises US$500k in seed round; pitching at DEMO http://t.co/XiVchMQ
    This comment was originally posted on Twitter

  • http://twitter.com/foound foound

    RT @coderkungfu: @foound: Awesome!!! RT: @e27sg Foound raises US$500k in seed round; pitching at DEMO http://t.co/XiVchMQ

    This comment was originally posted on Twitter

  • http://twitter.com/mugunthkumar mugunthkumar

    RT @coderkungfu: @foound: Awesome!!! RT: @e27sg Foound raises US$500k in seed round; pitching at DEMO http://t.co/XiVchMQ
    This comment was originally posted on Twitter

  • http://twitter.com/mugunthkumar mugunthkumar

    RT @coderkungfu: @foound: Awesome!!! RT: @e27sg Foound raises US$500k in seed round; pitching at DEMO http://t.co/XiVchMQ

    This comment was originally posted on Twitter

  • http://twitter.com/coderkungfu coderkungfu

    RT @E27sg: Foound raises US$500k in seed round; pitching at DEMO http://bit.ly/9MxQpx
    This comment was originally posted on Twitter

  • http://twitter.com/coderkungfu coderkungfu

    RT @E27sg: Foound raises US$500k in seed round; pitching at DEMO http://bit.ly/9MxQpx

    This comment was originally posted on Twitter

  • http://twitter.com/masnell masnell

    Foound raises US$500k in seed round; pitching at DEMO http://is.gd/f5Xu8
    This comment was originally posted on Twitter

  • http://twitter.com/masnell masnell

    Foound raises US$500k in seed round; pitching at DEMO http://is.gd/f5Xu8

    This comment was originally posted on Twitter

  • http://twitter.com/lichiwu lichiwu

    RT @E27sg: Foound raises US$500k in seed round; pitching at DEMO http://bit.ly/9MxQpx
    This comment was originally posted on Twitter

  • http://twitter.com/lichiwu lichiwu

    RT @E27sg: Foound raises US$500k in seed round; pitching at DEMO http://bit.ly/9MxQpx

    This comment was originally posted on Twitter

  • http://twitter.com/brendalogy brendalogy

    RT @coderkungfu: @foound: Awesome!!! RT: @e27sg Foound raises US$500k in seed round; pitching at DEMO http://t.co/XiVchMQ
    This comment was originally posted on Twitter

  • http://twitter.com/brendalogy brendalogy

    RT @coderkungfu: @foound: Awesome!!! RT: @e27sg Foound raises US$500k in seed round; pitching at DEMO http://t.co/XiVchMQ

    This comment was originally posted on Twitter

  • http://www.gotocamera.com Varun Arora

    Congratulations, Danny. See you and your team during the party on Monday. :-)

  • http://www.gotocamera.com Varun Arora

    Congratulations, Danny. See you and your team during the party on Monday. :-)

  • http://twitter.com/serkantoto serkantoto

    Congrats, guys! #GOAP RT @e27sg Foound raises US$500k in seed round http://bit.ly/cBUtmX
    This comment was originally posted on Twitter

  • http://twitter.com/serkantoto serkantoto

    Congrats, guys! #GOAP RT @e27sg Foound raises US$500k in seed round http://bit.ly/cBUtmX

    This comment was originally posted on Twitter

  • http://twitter.com/brian_wong brian_wong

    RT @serkantoto: Congrats, guys! #GOAP RT @e27sg Foound raises US$500k in seed round http://bit.ly/cBUtmX
    This comment was originally posted on Twitter

  • http://twitter.com/brian_wong brian_wong

    RT @serkantoto: Congrats, guys! #GOAP RT @e27sg Foound raises US$500k in seed round http://bit.ly/cBUtmX

    This comment was originally posted on Twitter

  • http://twitter.com/ericzoo ericzoo

    RT @serkantoto: Congrats, guys! #GOAP RT @e27sg Foound raises US$500k in seed round http://bit.ly/cBUtmX
    This comment was originally posted on Twitter

  • http://twitter.com/ericzoo ericzoo

    RT @serkantoto: Congrats, guys! #GOAP RT @e27sg Foound raises US$500k in seed round http://bit.ly/cBUtmX

    This comment was originally posted on Twitter

  • http://twitter.com/sagebrennan sagebrennan

    RT @brian_wong: RT @serkantoto: Congrats, guys! #GOAP RT @e27sg Foound raises US$500k in seed round http://bit.ly/cBUtmX
    This comment was originally posted on Twitter

  • http://twitter.com/sagebrennan sagebrennan

    RT @brian_wong: RT @serkantoto: Congrats, guys! #GOAP RT @e27sg Foound raises US$500k in seed round http://bit.ly/cBUtmX

    This comment was originally posted on Twitter

  • http://twitter.com/djtokyo djtokyo

    RT @e27sg Foound raises US$500k in seed round; pitching at DEMO » e27 http://bit.ly/cBUtmX
    This comment was originally posted on Twitter

  • http://twitter.com/djtokyo djtokyo

    RT @e27sg Foound raises US$500k in seed round; pitching at DEMO » e27 http://bit.ly/cBUtmX

    This comment was originally posted on Twitter

  • http://twitter.com/christinelu christinelu

    RT @serkantoto: Congrats, guys! #GOAP RT @e27sg Foound raises US$500k in seed round http://bit.ly/cBUtmX
    This comment was originally posted on Twitter

  • http://twitter.com/christinelu christinelu

    RT @serkantoto: Congrats, guys! #GOAP RT @e27sg Foound raises US$500k in seed round http://bit.ly/cBUtmX

    This comment was originally posted on Twitter

  • http://twitter.com/foound foound

    Yay, thanks! RT @serkantoto Congrats, guys! #GOAP RT @e27sg Foound raises US$500k in seed round http://bit.ly/cBUtmX
    This comment was originally posted on Twitter

  • http://twitter.com/foound foound

    Yay, thanks! RT @serkantoto Congrats, guys! #GOAP RT @e27sg Foound raises US$500k in seed round http://bit.ly/cBUtmX

    This comment was originally posted on Twitter

  • http://twitter.com/papadimitriou papadimitriou

    Congrats!! #goap RT @E27sg: @foound raises US$500k in seed round; pitching at DEMO http://bit.ly/9MxQpx
    This comment was originally posted on Twitter

  • http://twitter.com/papadimitriou papadimitriou

    Congrats!! #goap RT @E27sg: @foound raises US$500k in seed round; pitching at DEMO http://bit.ly/9MxQpx

    This comment was originally posted on Twitter

  • http://twitter.com/terencepua terencepua

    RT @e27sg Foound raises US$500k in seed round; pitching at DEMO » e27 http://bit.ly/cBUtmX
    This comment was originally posted on Twitter

  • http://twitter.com/terencepua terencepua

    RT @e27sg Foound raises US$500k in seed round; pitching at DEMO » e27 http://bit.ly/cBUtmX

    This comment was originally posted on Twitter

  • http://twitter.com/phihungbui phihungbui

    Foound raises US$500k in seed round; pitching at DEMO http://t.co/2wc72Dp
    This comment was originally posted on Twitter

  • http://twitter.com/phihungbui phihungbui

    Foound raises US$500k in seed round; pitching at DEMO http://t.co/2wc72Dp

    This comment was originally posted on Twitter

  • http://twitter.com/sourabhs sourabhs

    Congrats Guys! @Foound RT @e27sg #Foound raises US$500k in seed round; pitching at DEMO http://bit.ly/9MxQpx
    This comment was originally posted on Twitter

  • http://twitter.com/sourabhs sourabhs

    Congrats Guys! @Foound RT @e27sg #Foound raises US$500k in seed round; pitching at DEMO http://bit.ly/9MxQpx

    This comment was originally posted on Twitter

  • http://twitter.com/onion_papa onion_papa

    http://tinyurl.com/2d4r5j8
    Foound raises US$500k in seed round; pitching at DEMO » e27
    This comment was originally posted on Twitter

  • http://twitter.com/onion_papa onion_papa

    http://tinyurl.com/2d4r5j8
    Foound raises US$500k in seed round; pitching at DEMO » e27

    This comment was originally posted on Twitter

  • http://twitter.com/khorweichong khorweichong

    RT @e27sg Foound raises US$500k in seed round; pitching at DEMO » e27 http://bit.ly/cBUtmX
    This comment was originally posted on Twitter

  • http://twitter.com/khorweichong khorweichong

    RT @e27sg Foound raises US$500k in seed round; pitching at DEMO » e27 http://bit.ly/cBUtmX

    This comment was originally posted on Twitter

  • http://twitter.com/jfdiasia jfdiasia

    @Foound raises US$500k in seed round; largest for any #Singapore #startup this year says @e27sg http://bit.ly/cBUtmX
    This comment was originally posted on Twitter

  • http://twitter.com/jfdiasia jfdiasia

    @Foound raises US$500k in seed round; largest for any #Singapore #startup this year says @e27sg http://bit.ly/cBUtmX

    This comment was originally posted on Twitter

  • http://twitter.com/tricipta tricipta

    Wow… foound raises $500k seed funding from EV, Neoteny Labs, sg angel investor… ayo lebih semangat… http://bit.ly/dbF8X4
    This comment was originally posted on Twitter

  • http://twitter.com/tricipta tricipta

    Wow… foound raises $500k seed funding from EV, Neoteny Labs, sg angel investor… ayo lebih semangat… http://bit.ly/dbF8X4

    This comment was originally posted on Twitter

  • ChinKL

    “No way any normal motherfucker is going to do this check in shit” <– Like this especially on the big screen

  • ChinKL

    “No way any normal motherfucker is going to do this check in shit” <– Like this especially on the big screen

  • http://twitter.com/mikeprasad mikeprasad

    RT @brian_wong: RT @serkantoto: Congrats, guys! #GOAP RT @e27sg @Foound raises US$500k in seed round http://bit.ly/cBUtmX
    This comment was originally posted on Twitter

  • http://twitter.com/mikeprasad mikeprasad

    RT @brian_wong: RT @serkantoto: Congrats, guys! #GOAP RT @e27sg @Foound raises US$500k in seed round http://bit.ly/cBUtmX

    This comment was originally posted on Twitter

  • http://creately.com/ Charan

    Congrats Danny and Varun. Hope you guys have a blast at Demo.
    This comment was originally posted on e27 – Discovering Web Innovation in Asia

  • http://creately.com/ Charan

    Congrats Danny and Varun. Hope you guys have a blast at Demo.

    This comment was originally posted on e27 – Discovering Web Innovation in Asia

  • http://twitter.com/junde Yu Junde

    Where is Foound today?

  • Haha

    “Half of Foound’s team will be flying to California for DEMO.”
    So they blew their funding on an event that they have to pay to present at?  No wonder they are nowhere to be ‘foound’ at now.

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