Sugar dating platform Sugarbook.com has reportedly raised six figures in a seed round. The investment came from an unnamed individual working with a Hong Kong-based VC firm.
Sugarbook says it will use the funds to scale, attracting more users in cities like Hong Kong. It will also look to expand into multiple new geographies by 2020.
Writing on LinkedIn, CEO and Founder Darren Chan said: “The investment will bankroll efforts related to product development, scale, and infrastructure as well as expansion to 3 more countries.
“Should there be other investors interested, I welcome the chance to discuss any possible fundraising arrangements.”
The app, which runs the slogan “Where Romance Meets Finance”, currently boasts around 300,000 users. Of these, 70% have “baby” status – they are the hypothetical recipients of cash for their time.
GDI spoke to Chan in October to find out more about the Malaysia-based service. He described it as “a niche dating platform and community where like minded consenting adults chat, meet and negotiate mutually beneficial relationships of all kinds.”
Around 35% of members are university students, he said, and the site takes steps to protect them via verification using documents such as an ID, passport and utility bills.
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