Gifting E-Commerce marketplace 50Gram today announced a fresh round of seed funding led by TBV Capital. The amount raised was undisclosed but in the 6 figure range.
Founded in 2016 by Spring Wong and his brother Titus Wong, 50Gram is the first flower delivery company that pioneered the 'video bouquet' concept by bundling short video recordings together with gifts delivered by their customers.
According to Spring, the company has been purely bootstrapped and attained profitability within the 3rd month of operation.
Today, 50Gram has surpassed over RM2 million in annual turnover with clients from major brands including Maybank, Vivo, Kellogg's, and several more.
Spring also mentioned that the new funds will be used to further scale 50Gram’s current operations as well as to expand the business into new markets across Malaysia and Singapore.
The funds will also be used to further improve their existing platform with newer technologies to accommodate for the rapidly rising customer demand.
“I started 50gram to send flowers to my mother with a video attached on the card about 2.5 years ago. I've realized that the experience was deeply satisfying for the recipient as it brings back many happy memories.
With the skills and values that I've brought in along with my partners, we’ve managed to scale 50Gram to become a well-reputable brand in the region. One of the happiest moments in my life was when my mother decided work along side with me in an air-conditioned room as compared to her previous business located in a wet market. Now, I can see her everyday. I believe the new funding could bring the love. It opens up the opportunity for us to broaden our experiences in many other cities. That being said, more and more people will be able to experience our value.”, mentioned Spring Wong.
Launched in 2016 by serial entrepreneur and investor Andrew Tan, TBV Capital is a US$10m fund that focuses on seed to series A investments in startups across Southeast Asia.
"50Gram has built a unique and personalized gifting experience that has made them profitable within just 3 months since establishment. With the injection of new capital, this would greatly enhance the network of gifting experiences across 30 cities nationwide including east Malaysia. Once they have scaled the franchising business model, they will be looking to expand to Indonesia, Singapore, Thailand, and Taiwan by the third quarter of 2019", mentioned Andrew Tan of TBV Capital