Its total seed funding now exceeded $100,000.
Insufficiency of centralised platform to connect businesses together brought an industrial design and business administration graduate to put up museCrowd.
museCrowd, billed as the first in Singapore, is a business-sourcing platform allowing companies who require jobs to be done to post a project for suppliers to bid through a tender/bidding system. It also aims to encourage more collaborations and create more business opportunities among the business community in Singapore's business ecosystem through its easy to use bidding/tendering platform.
“museCrowd started because of a lack of a centralised platform for businesses to connect with one another. Suppliers were cold calling companies that were not really interested in their services. Similarly, companies that needed help with some projects were having difficulties searching for suitable suppliers for the jobs. museCrowd aims to be the connecting platform for both companies and suppliers, where companies can source for suppliers for their projects easily, and on the other hand, suppliers no longer have to cold call for sales leads as they can get targeted sales leads through museCrowd,” said co-founder Nancy Lai.
Jacob Toh and Nancy Lai, both 26 years old are the founders of museCrowd. Jacob, graduated from NUS in 2013, with 2nd Upper Class Honours with Double Degree in Business Administration and Real Estate. He also held leadership positions in various businesses. While Nancy, also graduated from NUS in 2012, with 2nd Upper Class Honours in Industrial Design and NUS Undergraduate (Merit) Scholar.
According to Nancy, the platform started in 2011 when they were still students in NUS. They were incubated under NUS Enterprise. Post graduation, they got extensive media coverage that attracted Angels and VCs attention. Currently, the startup is funded by 2 venture capitalists and an angel investor.
“museCrowd currently have more than 200 suppliers on board with us, and have closed projects with combined value in excess of SGD40,000 prior to museCrowd's targeted launch,” said Nancy while noting that its combined total seed funding exceeded $100,000, which puts them at valuation of nearly SGD1mil..
Their future plans include local market testing of their Beta site in Mid-June 2014. It’s expansion plans in the future includes regional expansion and rolling out chargeable value-add features to improve the tendering/bidding system.
Name of the Company: museCrowd Group Pte Ltd
Founders: Jacob Toh and Nancy Lai
Major Investors: 2 VC firms and 1 angel
Total Funding at hand: $112,000
Start of Operation: 2012
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