Chemical-free paint startup gush raises $4.65m in pre-Series A funding round
The funding round is led by venture capital firm TNB Aura.
gush has successfully raised $4.65m in its pre-Series A funding round, 15 months after mainboard-listed City Developments invested $3m in the advanced materials company.
“The funding will enable gush to deepen its R&D efforts into developing more advanced materials solutions beyond its flagship product, the air purifying and volatile organic chemical (VOC)-free cair interior paint,” said a media release.
Aside from paint, gush's research includes other advanced materials such as anti-thermal coating, which when applied to surfaces will reflect heat away from buildings, lessening the energy demand on active cooling especially in regions with hot climates.
Moreover, the funding raised will also allow gush to accelerate its expansion in the local and overseas markets.
“Part of the proceeds from this round will be to expand to other markets where there is significant emphasis on environmental and sustainability issues, and where consumers are willing to pay a premium for our products, especially our core product which is the air-purifying and zero-VOC cair interior paint,” Lester Leong, CFO and co-founder of gush, said.
“Some of our targeted markets also have a much higher DIY culture and we hope to see promising retail sales volumes in these markets."
To date, gush’s cair interior paint has been used in more than 1,700 residential and over 50 commercial projects which include Thomson Medical, Farrer Park Hospital, and Changi Beach Club.
Led by venture capital firm TNB Aura, gush’s pre-Series A funding round was also joined by follow-on investor Fideliem Group, and established strategic investors RSP Architects, TRIREC, as well as other prominent individual investors.