Singapore-based homegrown direct-to-consumer (D2C) consumer electronics brand PRISM+ has secured SGD 45 (US$32) million in a funding round from TNB Aura.
The company will use the funds for geographic expansion and foraying into the smart home appliance space. It has set its sights on the Philippines market by Q1 2023.
Founded in 2017, PRISM+ offers lifestyle electronic goods and services. Launched as a display specialist, the brand expanded to include audio products and smart home appliances.
Last month, PRISM+ launched its line of air conditioner systems with the PRISM+ Zero Series. The brand introduced a full suite of aircon maintenance and installation services with this launch.
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It will look to introduce more home appliances in the coming year.
The company is now venturing out of e-commerce into offline channels as it anticipates demand for a physical experience to touch and feel products before purchasing. While most brands shifted their businesses online during the pandemic, PRISM+ quietly prepared for the return of the offline retail experience. In 2021, it partnered with popular furniture retailer Hipvan for a permanent in-store PRISM+ pop-up at Suntec City.
The brand has plans to launch a chain of retail outlets in Singapore and Malaysia. It has already established three outlets in Singapore and plans to open six outlets by the first quarter of 2023.
In Malaysia, it recently launched its first outlet in Kuala Lumpur and will announce more stores in 2023.
Charles Wong, Founding Partner of TNB Aura shared: “We believe the regional D2C market has reached an inflexion point, with digital penetration, payments and fulfilment infrastructure increasingly able to support high-quality D2C offerings across both online and offline formats. PRISM+ is primed to become the regional champion of a market traditionally dominated by East Asian giants such as Xiaomi, Samsung, and LG.”
“In this post-pandemic landscape, we are seeing consumers return to malls and retail spaces in full force. People crave the personal touch that has been missing. The electronics industry has long relied on brick-and-mortar stores to sell the immersive experience of their products. We hope to shake up this age-old formula by showing customers that a premium home set-up need not come with a hefty price tag as we retain our direct-to-consumer approach across all our channels,” said Jonathan Tan, Managing Director of PRISM+.
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