With participation from several angel investors, including Kuok Meng Xiong, founder and managing director of K3 Ventures, SimplyGood, an environmentally friendly home cleaning company with headquarters in Singapore, has raised S$500,000 (US $362,000) in a pre-seed funding round led by Damson Capital.
SimplyGood manufactures eco-friendly personal care and household cleaning products. It was established by Jeremy Lee last year. The company’s main product line consists of a variety of cleaning tablets that may dissolve in water to create detergent solutions. These pills are 300 times lighter than conventional liquid cleansers, according to the manufacturer, and are comprised completely of plant-based components.
In its first year of business, SimplyGood said it sold more than 25,000 goods to more than 4,500 clients. The business also mentioned how the biodegradable nature of its product packaging has prevented over 25,000 single-use plastic bottles from ending up in landfills.
The firm will expand its direct-to-consumer business throughout Singapore, Malaysia, Australia, and New Zealand with additional funding. Additionally, it intends to introduce brand-new items in the personal care sector, such as hand soap tablets.
The global market for green cleaning products is anticipated to reach US $27.8 billion by the end of 2024, rising at a compound yearly growth rate of 6.5% from 2017 to 2024, according to research from Research and Markets.
