Singapore deal discovery app Sugar raises $720k to date, expands to Hong Kong

Sugar, a deals discovery mobile app with a novel process to give users discounts, told Vulcan Post that it has raised over S$1 million (US$720,000) to date from Singapore Post chairman Lim Ho Kee as well as Koh Boon Hwee, the former chairman of SingTel, DBS Bank, and Singapore Airlines. Koh has invested in startups such as Razer, DocDoc, and HotelQuickly.

Sugar has several actions that users can take to bring down the price of a deal. They can ‘skim’ it by pressing a button, which brings the price down, and then spread it further to friends who can skim it further to sweeten the deal. Once they’re happy with the price, they can purchase it.

Launched in Singapore in 2014, the startup also told Vulcan Post that it will expand to Hong Kong. It has an inventory of 500 listings in Singapore across F&B, entertainment, and lifestyle services, as well as 50 in Hong Kong. The numbers are a drop in the ocean for sure, but their goal is surely to ramp it up quickly.

Benjamin Lee, founder and CEO of Sugar, declined to share with Tech in Asia its exact revenue model, but says the company is already making money and experiencing revenue growth.

Sugar is available for download on iOS.

Update on March 13: Added a reply from Benjamin Lee, founder and CEO of Sugar.