[L-R] SurplusLoop co-founders Adryz Arriffi, Sereen Teoh, and Edwin Fong
SurplusLoop, a Malaysian startup focusing on surplus asset management for asset-heavy industries, has secured US$110,000 in pre-seed funding from Antler.
With the investment, SurplusLoop’s immediate priority is to test and validate its solution with current pilot partners and build the first iteration of the Minimum Viable Product (MVP). The funding will be crucial for developing its MVP’s technology and services components.
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SurplusLoop addresses challenges faced by companies in construction, manufacturing, and hospitality in liquidating surplus assets. The current process is often time-consuming and complicated by market fragmentation.
Companies frequently deal with brokers who buy low and sell high, resulting in an average recovery of only about 10 per cent of the asset’s market value. In cases where buyers cannot be found, surplus assets continue to incur warehousing costs and depreciate. They may eventually end up in landfills when they could be sold and utilized by other companies instead.
SurplusLoop aims to match buyers and sellers seamlessly. The platform uses predictive analytics, employing various statistical techniques and machine learning algorithms to connect a network of companies and accurately value assets like equipment and machinery.
This approach is intended to efficiently turn surplus assets into liquidity for companies to reinvest while providing buyers with better value.
The startup’s vision includes building integrated SaaS tools, fintech, and supply chain solutions to streamline the entire end-to-end liquidation and sourcing process for companies in the secondary market.
By approaching an enterprise partnership level and leveraging digital technology, SurplusLoop aims to streamline the entire surplus asset management process for companies.
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The startup aligns with the rising trend of the Circular Economy by extending the lifecycle of assets through circularity in the B2B world. This approach allows companies to acquire quality assets at favourable prices while reducing waste, contributing to sustainable growth and fostering a circular economy in the B2B sector.
By extending the lifecycle of assets through circularity, SurplusLoop empowers companies to acquire quality assets at good value while reducing the amount that ends up as waste.
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