Singapore-based electronics subscription service Circular has raised $7.6 million U.S. in a seed funding round led by AirTree Ventures.

Other participants in the round, which valued the company at $30 million, included YC Continuity Fund, Global Founders Capital, Partech Ventures, January Capital, PropertyGuru, Funding Societies, StashAway, Carousell and Nutmeg.

Launched in 2021, Circular operates in Singapore and Australia, renting out premium brands like Apple’s iPhone and iPad Pro and MacBook Pro, as well as Samsung Galaxy. It also offers damage protection for devices that covers up to 90% of the cost of repairs.

The company said that this funding would be used to expand its services in both countries and commence b-to-b operations.

“The problem of tech-device underutilization is huge, and Circular aims to help curtail it with our subscription model. By keeping products in use for longer — and keeping precious materials out of landfills — we hope to gradually shift patterns of consumption and reduce our collective burden on the environment,” said Nick Ramsay, CEO and co-founder of Circular.

Prior to the launch of Circular, Ramsay was CPTO of MoneySmart Group, a leading financial product aggregators in Southeast Asia.

AirTree fonder and partner Craig Blair commented: “Circular’s founding team has an incredibly strong and complementary skill set across company building, product, engineering, marketing, and logistics that makes us excited to lead their seed round and see where they take the future of the circular economy.”

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