Business development / International / Internet / Investing

This DreamIt startup raised $1.25M and headed back to Singapore

IglooHome left Philadelphia to make the most of its relationship to SingTel, the Singapore telecom giant that incubated the startup.

The IglooHome team, left to right: marketing director Kenny Wang and cofounders Walter Wang Yue, Anthony Chow and Sharon Goh. (Photo by Bryan Karl Lathrop for DreamIt Ventures)

After a short stint colocating with East Falls smart home company BuLogics, DreamIt Ventures graduate IglooHome has left for its hometown of Singapore.
The departure coincides with the startup’s first round of funding: $1.25 million from Los Angeles/Singapore venture firm Wavemaker Partners with participation from Singtel Innov8, Mesh Ventures and DreamIt Ventures. SnipSnap founder Ted Mann also participated.
IglooHome, which makes smart home products for Airbnb hosts and other short-term rentals, decided to return to Singapore because of its relationship with Singtel — IglooHome launched from a hackathon hosted by the telecom giant — and because Airbnb has seen the highest growth in Asia, said cofounder Anthony Chow.
“We believe that is where Igloohome can create the biggest impact to help ease the barriers to start hosting and support the growth of the homesharing economy,” Chow wrote in an email.
Still, IglooHome plans to pursue U.S. partnerships and is still working with its pilot customers in Philadelphia, though it’s not onboarding any new Philly customers right now, Chow said.
The eight-person company also has offices in Sydney and Bangkok.
In terms of losing DreamIt startups, this one hurts less, for sure. It’s hard to compete with the network of a major telecom and a fast-growing market on another continent. Anyhow, if IglooHome succeeds, the local impact will still be seen — with investors DreamIt Ventures and Mann.

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