(L-R) CompAsia CIO Eu Gene Jiang, CFO Kian Leong Yap, CEO Julius Lim with Gobi’s Dan Chong, Thomas Tsao Zen Liew
Malaysia’s integrated re-commerce startup CompAsia has secured an undisclosed sum in a Series A investment round led by Gobi Partners.
This capital will help the startup expand across various touchpoints, bolstering human resources, training, and operational capabilities.
Additionally, the funds will be instrumental in optimising the firm’s digital assets and marketing strategies, specifically focusing on penetrating new markets like the Philippines, Thailand, and Indonesia.
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Founded in 2016, CompAsia is a one-stop platform for customers to trade in or purchase pre-owned electronic devices. It also offers financing plans and other options to address customer concerns about transparency when buying such goods.
In Malaysia, in addition to providing trade-in services for used electronics at various retail partner stores throughout Malaysia, CompAsia also recently established its flagship store in Sunway Pyramid Shopping Mall. This store allows customers to trade in their used electronics on the spot.
Additionally, it is planning and expanding its presence further by opening more branches across the Klang Valley by the end of the year.
CompAsia claims it sourced and transacted over 2.1 million second-hand mobile devices from 2019 to 2022. According to the firm, its initiatives have resulted in the reduction of 420 tonnes of e-waste, conserving 46 billion gallons of water, and preventing the production of 181 thousand tonnes of carbon dioxide.
The startup has a presence in ten countries, providing solutions to technology and telco companies and retailers within the region.
“We have recently partnered with a number of major telcos around the region to assist in running their buyback and trade-in programmes, and we are going to be rolling out our device financing and device care programmes across multiple major retailers to help their businesses become more sustainable and attractive to consumers,” said CompAsia Founder and CEO Julius Lim.
Gobi Partners Co-Founder and Chairperson Thomas G. Tsao said: “Circular economy companies such as CompAsia are encouraging greener, more environmentally-friendly behaviour when it comes to our consumption of electronic goods. We hope our investment will help them expand their positive influence throughout Southeast Asia.”
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Image Credit: CompAsia.
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