Singapore startup ReferralCandy gets sweet US$788k investment, triples revenue in past year



Anafore, the Singapore-headquartered startup behind referral marketing web app ReferralCandy, has raised S$1 million (US$778,000) in an oversubscribed funding round.

Involved in this latest cash infusion is Innosight Ventures, which led the round, John Kim and Ramanan Raghavendran of investment firm Amasia, and prior investor BAF Spectrum. Toivo Annus, the co-founder of Skype, was an investor in a previous round.

ReferralCandy, simply put, is an app that lets users easily implement refer-a-friend programs using email marketing. It is integrated with major e-commerce platforms like Shopify and Magento.

After a customer makes a purchase on a ReferralCandy user’s site, she will be given a coupon that can be shared with friends. If her friends make a purchase, the customer receives a reward.

The company says it has served hundreds of clients around the world, helping them earn US$3.7 million in sales over the past year. Its revenues have tripled in that period. It did not disclose exact revenue figures.

As a SaaS product, ReferralCandy charges a minimum usage fee a month plus a commission on every transaction made as a result of a referral. Dinesh Raju, co-founder of the startup, says it has a few hundred paying customers.

Some of its users include Taser, which produces and sells electroshock weapons, and 99Designs, a design contest site.

(Editing by Josh Horwitz)

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