Malaysian recommerce platform, CompAsia, has secured series A funding in a round led by Gobi Partners, a Pan-Asian venture capital firm. The exact amount of funding remains undisclosed. The funding injection will support CompAsia’s ambition to expand its presence in Asia.
CompAsia specializes in creating an integrated platform that facilitates the trading and purchasing of second-hand electronic devices. The company’s focus is to enhance transparency and accessibility in this sector. The Series A funding has marked Gobi Partners as the primary investor in this round, showcasing the firm’s interest in Southeast Asia’s booming recommerce industry.
Since its inception in 2016, CompAsia has evolved into a comprehensive solution that enables customers to trade in or acquire electronic devices and offers financing options. The company aims to address customer concerns related to transparency when engaging in such transactions.
CompAsia’s operations extend beyond its home country of Malaysia to encompass other Southeast Asian markets, including Singapore, Thailand, the Philippines, and Indonesia, showcasing its regional ambitions.
At the core of CompAsia’s mission lies implementing innovative trade-in and resell programs. The company aspires to a cleaner, more environmentally conscious, and interconnected future. Over the period from 2019 to 2022, CompAsia has facilitated the sourcing and transaction of over 2.1 million second-hand mobile devices.
The impact of these efforts has translated into a reduction of 420 tonnes of e-waste, the preservation of 46 billion gallons of water, and the prevention of approximately 181 thousand tonnes of carbon dioxide emissions.
“We have recently partnered with a number of major telcos around the region to assist in running their buyback and trade-in programs, and we are going to be rolling out our device financing and device care programs across multiple major retailers to help their businesses become more sustainable and attractive to consumers,” Julius Lim, the Founder and CEO of CompAsia stated.
CompAsia’s core strategy revolves around innovative trade-in and resell programs underpinned by affordability and the extension of electronic device lifespans. It will strengthen its human resources, enhance training programs, and boost operational capabilities.
In parallel, the funding will facilitate the optimization of the company’s digital assets and marketing strategies, specifically focusing on growth in emerging markets such as the Philippines, Thailand, and Indonesia.
CompAsia has taken a step beyond its digital platform and inaugurated a flagship store at the Sunway Pyramid shopping mall in Petaling Jaya. The startup is gearing up to broaden its physical footprint by adding more branches across the Klang Valley region by the close of this year, ensuring that customers have increased convenience when trading in their used electronics.
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