23 August 2023, Kuala Lumpur: Pan-Asian venture capital firm, Gobi Partners (Gobi), has taken on the lead investor role in the Series A funding round of Southeast Asia’s largest integrated recommerce platform startup, CompAsia.
Since 2016, CompAsia has transformed itself into a one-stop platform that allows customers to trade in or purchase electronic devices. The platform also offers financing plans and other options to address customer concerns about transparency when buying such goods.
Through the implementation of innovative trade-in and resell programmes, the platform places a strong emphasis on affordability and extends the lifespan of electronic devices, fully realising their vision for a cleaner, greener, and more interconnected future.
From 2019 to 2022, CompAsia has successfully sourced and transacted over 2.1 million second-hand mobile devices, effectively extending the lifecycle of these devices. Notably, the company’s 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.
CompAsia Founder and Chief Executive Officer (CEO), Julius Lim said: “We’re extremely grateful to be afforded the opportunity to reduce e-waste and bring affordable devices to consumers on a regional level, thanks to Gobi and our other investors. We are committed to further providing even more resources for our partners and clients to do so.”
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.”
This round of funding will propel CompAsia’s expansion across various touchpoints, including bolstering human resources, training, and operational capabilities. Additionally, it will be instrumental in optimising the firm’s digital assets and marketing strategies, with a specific focus on penetrating new markets like the Philippines, Thailand, and Indonesia.
Julius adds, “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.
As one of Southeast Asia’s leading vertically integrated device lifecycle companies, CompAsia has a significant presence in 10 countries, providing solutions to technology and telco companies, as well as retailers within the region.
In Malaysia, CompAsia not only provides trade-in services for used electronics at various retail partner stores throughout the country, but it has also recently established its own flagship store in Sunway Pyramid Shopping Mall. This flagship store allows customers to conveniently trade in their used electronics on the spot. Additionally, CompAsia is in the process of planning and expanding its presence further by opening more branches across the Klang Valley by the end of the year.
Meanwhile, this investment into CompAsia further aligns with Gobi’s sustainability initiatives, specifically in its commitment to creating more opportunities for startups and businesses that adhere to sustainability-centric missions and are focused on creating a positive environmental impact.