Rather than be distracted by milestones and performance indicators that investors seek, Singapore based Spawt has decided to remain extremely focused to its vision of building a hyper-local discovery engine.
While sometimes we hear about startups not getting funding, how often have you heard about startups rejecting funding? Spawt, a place discovery app based in Singapore, has recently shared with e27 that the company is withdrawing from its fund-raising efforts after its first tier with the MDA iJam programme, despite several offers from investors.
So what’s the story?
Co-founder and CEO Steven Goh shared that while the team did set up meetings with several investors, most of them really liked the technical make up of the founding team. However, they do not want to fall into the trap of taking money for the sake of taking money. When asked further on the actual offer and and who were the investors, Steven declined to reveal the offers.
“I don’t think it is right that we go into detail here but to give a ballpark, let’s just say that it was an amount higher than Burpple’s seed round. It was generally a positive effort. And we had the most earnest of investors, people who really cared more about entrepreneurs who gave the most sound advices. Which we gladly took, that is to not take money now till we refine our core deep tech.”
Spawt gains another programmer in its founding team
According to the press release that Steven sent us, the team has welcomed a new programmer into the team. Kian Wei joins the Spawt team in the quest to crack the problem of hyper-local discovery, taking a paycut all while embracing sheer uncertainty. Kian Wei was previously a senior engineer at ST Electronics.
With a strong technical founding team, Spawt is backed with programmers with at least a decade worth of programming among the team members. Rather than be distracted by milestones and performance indicators that investors seek, Spawt has decided to remain extremely focused to its vision of building a hyper-local discovery engine.
Spawt’s vision lies in helping you discover the best places to go, with the belief that the best recommendations are those made by your friends. Will that work? Are SoLoMo apps no longer appealing due to the sheer amount of new similar applications launched everyday? Let’s hope it does, now that the funding is off the table.
The post Spawt withdraws from fund raising efforts, claims to have offers higher than Burpple’s “seed round” appeared first on e27.
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