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

June 10, 2020 - 09:52
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.

About Secondlifeasia

Secondlifeasiais a specialist in spares, services, sales and security for out-of-warranty iOSdevices.

Secondlifeasia'stechnical facility includes a water-resistant service centre as per the  minimum standards. No other repair facilitiesin Malaysia have this capability. The 4S service center cum showcase center islocated in SS2 Petaling Jaya and has already been in operation since end ofDecember 2019.

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About PitchIN (Pitch Platforms Sdn Bhd)

PitchIN is acrowdfunding platform where  ideas andprojects are pitched to the public for funds. In exchange, those who supportthe idea (via pledges) will get rewards from project owners. At the same time,it is also an online mechanism for private companies to raise money frominvestors in exchange for equity (shares) in the company.

Formore Information, kindly refer to