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PRISM + raises S$45 million in funding – to expand presence in Southeast Asia

Singapore-based consumer electronics brand PRISM+ announced today (September 19) that it has raised S$45 million in a first institutional round led by venture capital firm TNB Aura. Singapore-headquartered to strengthen development of new products and expand into Southeast Asia.

The news comes after their recent foray into the smart home appliance space after establishing itself as a leader in the home entertainment electronics industry.

Last month, they launched their own line of air conditioning systems with the PRISM + Zero Series, and also introduced a full suite of air conditioning installation and maintenance services.

PRISM + smart air conditioner
Image credit: PRISM +

This service has been highly sought after since the launch of PRISM + Zero, and to date, the brand’s team of air conditioning technicians have successfully installed air conditioning systems in more than 100 homes. housing in Singapore.

With air conditioner sales continuing to spike, the brand is now looking to actively expand its technician team, offering attractive sign-up bonuses to new employees.

Over the next year, PRISM+ also shared that it will look to introduce even more home appliances, although it declined to reveal the specifics of its product line.

TNB Aura feels that the PRISM+ industry is well-positioned to disrupt the industry with its direct-to-consumer (D2C) business model and value propositions such as a focus on customer service, pricing, and quality. products and product features.

Charles Wong, founding partner of TNB Aura, says that their investment signals their confidence in supporting PRISM+ as they look to grow to new horizons.

“We believe the D2C market in the region has reached an inflection point, with digital penetration, payment and fulfillment infrastructure increasingly able to support high-quality D2C services across both digital and digital platforms. both online and offline,” he added.

Strengthening presence across Southeast Asia

To optimize penetration into the smart home appliance market, PRISM+ is venturing beyond its e-commerce roots into offline channels as it anticipates audience demand for real-world experiences. to touch and feel the product before buying.

While most brands have moved their businesses online during the pandemic, PRISM+ has been quietly preparing for the return of the offline retail experience. It’s partnering with furniture retailer, Hipvan, in 2021 for a permanent PRISM+ pop-up store in Suntec City.

The success of the partnership further encourages the brand to explore offline roadshows around Singapore in 2022 and strengthens the brand’s confidence in opening its own retail stores.

Currently, PRISM+ has opened three stores in Singapore at Vivocity, Suntec City and Jurong Point. It will launch its fourth store at Junction8 on September 25, bringing the total to six stores by the first quarter of 2023.

Its experience stores are designed to allow consumers to physically interact with its wide range of products, while providing them with access to representatives who can best advise them on their needs.

PRISM + stores in Malaysia
PRISM + store in Malaysia / Image credit: PRISM +

The company also recently opened its first store in Kuala Lumpur, Malaysia, with plans to announce more stores in 2023. Besides Malaysia, the company also expanded into Australia this year and will expand to Philippines in the first quarter of 2023.

“We have enjoyed tremendous success over the past few years and now have the necessary resources to execute our expansion plans,” said Jonathan Tan, chief executive officer of PRISM+.

“TNB Aura’s confidence in the project’s ability to succeed is supported by thorough research into the brand’s capabilities and offerings, and PRISM+ will benefit from their experience in helping companies Tech startups thrive through areas like corporate governance, in addition to having the network and know-how to navigate Southeast Asia. “

Featured image credit: PRISM +

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