Singapore-based consumer electronics brand PRISM+ announced today (September 19) that it has raised S$45 million in its first institutional round led by Singapore-based venture capital firm TNB Aura to power the development of new products and expansion into Southeast Asia.
This news came following its recent foray into the smart home appliance space after establishing itself as a leading player in the home entertainment electronics industry.
Last month, it launched its own line of air conditioner systems with the PRISM+ Zero Series, and also introduced a full suite of aircon maintenance and installation services.
The service has been highly sought after since the launch of PRISM+ Zero, and to date, the brand’s team of air conditioner technicians have successfully installed air conditioner systems in over 100 Singapore homes.
With air conditioner sales continuing to surge, the brand is currently looking to aggressively expand its team of technicians, offering attractive sign-on bonuses for new hires.
In the coming year, PRISM+ also shared that it will look to introduce even more home appliances, though it refused to disclose the specifics of its product line-up.
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 its emphasis on customer service, pricing, product quality, and product features.
Charles Wong, founding partner of TNB Aura, said that its investment signals its confidence in supporting PRISM+ as it seeks to grow to new horizons.
“We believe the regional D2C market has reached an inflection point, with digital penetration, payments and fulfilment infrastructure increasingly able to support high-quality D2C offerings across both online and offline formats,” he added.
Boosting presence across SEA
To optimise on its entry into the smart home appliance market, PRISM+ is venturing beyond its e-commerce roots into offline channels as it anticipates audience demand for a physical experience to touch and feel products before purchasing.
While most brands shifted their businesses online during the pandemic, PRISM+ quietly prepared for the return of the offline retail experience. It partnered with furniture retailer, Hipvan, in 2021 for a permanent in-store PRISM+ pop-up at Suntec City.
The success of the partnership further encouraged the brand to explore offline roadshows around Singapore in 2022 and cemented the brand’s belief in launching its own retail stores.
Currently, PRISM+ has already launched three outlets in Singapore at Vivocity, Suntec City and Jurong Point. It will be launching its fourth outlet at Junction8 on September 25, bringing to a total of six outlets by the first quarter of 2023.
Its experiential stores are designed to allow consumers to physically interact with its range of product offerings, while providing them access to representatives who could best advise them on their needs.
It also recently launched its first outlet in Kuala Lumpur, Malaysia, with plans to announce more stores in 2023. Besides Malaysia, it also expanded into Australia this year and will be expanding into the Philippines by the first quarter of 2023.
“We have found tremendous success in the past few years, and now have the necessary resources to put our expansion plans into motion,” said Jonathan Tan, managing director of PRISM+.
“TNB Aura’s confidence in the project succeeding is backed by thorough research of the brand’s capabilities and offerings, and PRISM+ will benefit from their experience in helping tech startups grow through areas such as corporate governance, on top of having the network and know-how to navigate the Southeast Asia region.”
Featured Image Credit: PRISM+