#Asia Singapore-based online penny auction site Sold.sg shuts down, yet again


No word on whether this will be its last


It’s curtains, yet again, for Singapore-based online penny auction site Sold.sg. On its website, this message was posted:

Service Termination

Today we’re announcing that after 1.5 years of operation, we will be shutting down our Singapore Service, Sold.sg, on July 21, 2016. We’re proud of the community that rallied around Sold.sg and are inspired by the incredible feedback and discovery that came from it.

If you still have valid paid token balance in your account, you can submit a refund request through this form. Should you have any questions or concerns, please don’t hesitate to shoot us a note at info@sold.sg

While it’s sad to say goodbye to Sold.sg, we’re eager to put our hearts to exploring more about e-Commerce. Sold is still operating in Malaysia and Indonesia. You are more than welcome if you got a minute to visit us at Sold.my & Sold.id.

Thank you for supporting Sold.sg and contributing feedback. We hope you all enjoy the unique experience of FUN into shopping.

– Sold.sg Team –

Sold.sg has had a turbulent history since its founding in 2010. It first began life as a pay-to-bid site, then went through a revamp that took nine months, before relaunching to include an e-commerce offering in 2011. By 2012, it had already raised S$1 million (US$737,000) and was gearing up for a Series A round.

Alas, the funding never came. Despite this, Sold.sg was able to expand regionally to markets such as Malaysia and the Philippines.

This, however, failed to reinvigorate the business, forcing Sold.sg to close shop in 2013. By then, it was assumed it had given up the ghost for good. But no, Sold.sg proved to be one obstinate beast.

In 2015, ASX-listed Singapore-based social entertainment platform migme breathed new life into Sold.sg through an acquisition. With this integration, migme was able to relaunch Sold.sg in February.

It continued to operate until yesterday, when the announcement was made. Interestingly enough, as stated in the announcement, its Malaysian and Indonesian chapters are still functioning as per normal.

Maybe, the founders should have focussed on just emerging markets.

Image Credit: Sold.sg



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