abillion, a Singapore-based sustainability-focused social commerce platform, has secured $10 million in a Series A funding round headed by 1/0 Capital of New York.
Mamoru Taniya (head of Tokyo-based SDG Impact Japan) and Bradley Busetto (creator of the UN’s first impact venture fund and former director of the UN Development Programme’s Global Centre on Tech, Innovation, and Sustainability) are among the other co-investors.
Abillion’s product development, engineering, and design capabilities will be bolstered with the fresh cash investment.
The money will also be used to develop a peer-to-peer marketplace within the abillion app, allowing users to trade sustainable goods and services to one another.
Vikas Garg, a former investment banker and fund manager, founded abillion in July 2017 with the goal of repurposing social media and e-commerce for sustainability and social benefit.
The startup also boasts more than one million downloads for its mobile app. “We have a long road ahead in achieving our target of one billion people committed to plant-based living and a more sustainable planet,” said Garg.
The company promotes the adoption and usage of plant-based foods and environmentally friendly goods. Members of the digital ecosystem may learn about sustainable options in their area and share material with the community. This enables individuals to make more informed decisions about what they eat and wear, and it links those decisions to observable effects on society, animals, and the environment.
Abillion claims to have received over one million reviews on sustainable food, fashion, and beauty items from over 60,000 consumer product firms in 162 countries to date.
Abillion received US $7 million in seed finance from Zurich-based startup firm Blue Horizon and other angel investors, including Timo Recker (co-founder and executive chairman of Next Gen Foods) and Mamoru Taniya, prior to the Series A round (chairman and CEO of Asuka Holdings).
