Secondlifeasia Aims to Raise RM 1 Million in Pre Series A Funding | Digital Conqueror

Secondlifeasia Aims to Raise RM 1 Million in Pre Series A Funding

KUALA LUMPUR, MALAYSIA – Media OutReach – 10 June 2020 – Secondlifeasia,
a game-changer in the Apple device repair and maintenance sector today
announced it is geared to launch its first round of funding this year via
PitchIN (Pitch Platforms Sdn Bhd) . Founded in February 2018, the company
boasts exclusivity by being the only player that possesses an Apple diagnostic
app to analyse 34 critical points on
your device.

The company capitalizing on the demand
for repair for out-of-warranty iOS devices is built on a sustainable business
model aimed to revolutionize the way the devices are repaired and serviced
currently. Besides its diagnostic function, the app monitors and ascertains the
warranty period for all devices being repaired, maintained, and sold by the
company. Creating a strong ecosystem backed by technology is one of the most
fundamental needs of the mobile industry. Secondlifeasia recognizes this and
hence focuses on filling the existing market gaps that offer no or limited
warranty for iOS devices.

“We aim to be the disruptor in
the after-service industry for Out of Warranty Apple Devices,” said one of its
founder, Jerome Teh who has extensive experience in the telecommunication
field, having launched 3 LTE networks in the region. ” Besides the lack of
warranty, the users have to endure repair time up to even 10 working days. Hence, we are committed to using innovative
mechanisms to help reduce downtime for users and SME. The company practices the
philosophy of ZERO downtime by loaning a device during repairs,” he added.

The company is poised to become a
one-stop center by providing a marketplace for pre-love Apple products through
its app and enable leasing options for SMEs through the integration of a robust
payment gateway. “By leveraging on our strong partnership with our
international principal who has worked with world’s top tier telecommunication
providers, we will be able to tap into a market of 135 million devices in South
East Asia excluding Singapore,” said Jerome.

Since raising its RM600,000  fund last year, the company has kickstarted
the operation of its water-resistant 4S service
center at the prime location in Petaling Jaya and launched its app live on the
APP store. In 3 months, simultaneously
they have managed to secure working agreements with numerous payment solution
providers as Aliments and Emenu to provide a frictionless experience for the
users and SMEs.

Investors in this round included the
founders and SRBC who have invested RM500,000 at a valuation of RM5 million.
The investors bring to table 45 years of experience with a solidified portfolio
in telecommunication, retail, and e-commerce industry. Along with Jerome, the
company is led by Alan Lee, whose accomplishments include the successful launch
of Chaitime in Thailand and Dato Shazali, who has helmed prominent roles in
Axiata, TM, and Celcom.

The company is intending to raise
another RM1million in the next round at RM10million valuation to fund the
expansion of an additional 4S service center in Klang Valley, marketing,
inventory, operation, and purchase of new repair equipment. The company is on track to achieve its annual
revenue of RM31 million in 2022 from sales, services, and maintenances of Apple
devices.

“The round of funding will mark an
important milestone for us. It will strengthen Secondlifeasia’s position as a
regional player in the repair and maintenance sector and accelerate the
expansion of its 4S service centers in the country. We are also thankful to the
funders who have so far helped reach the minimum funding target through the
PitchIN platform,” explained Jerome. PitchIN is a crowdfunding platform that
allows investors to explore investment opportunities in wide range of start ups
and early stage businesses in return for rewards or equity.He also notes that
it is very clear during this Movement Control Order period, their devices have
become an essential part of their lives more than before as they are connecting to friends and family, ordering
online and keeping their sanity.

To date, the company has been
approached by several parties to
franchise its 4S service centers in other parts of the country which will place
the company at the forefront of transforming the R & M sector of iOS
devices. Malaysia is home to around 7
million iPhone users with an annual growth of 4% year on year. The investment
will help the company to deepen the relationship with its partners through more
technological solution that brings green technology to the customers and
optimize operational efficiencies as well as create more jobs for local
Malaysian by providing them with specialist skill sets.

Secondlifeasia also aims to expand its
global footprint to the ASEAN market to fulfill the increasing demand for
high-quality carrier-grade Apple devices. “We look forward to helping more SME and telecommunication companies and emerge
as a clear leader in this sector,” said Jerome. The company did not deny that
there is a plan to move into the Android segment and increase its product
offerings in the future.

News Source: MediaOutreach

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