Innoven Capital SEA, a prominent venture debt provider based in Singapore, has announced its investment in CompAsia, the leading tech recommerce platform in Southeast Asia. This investment is poised to accelerate CompAsia’s mission to provide affordable, sustainable, and quality pre-owned electronic devices, further expanding its reach in Southeast Asia’s growing circular economy. No further financial details are revealed.
Innoven Capital SEA: a leader in venture debt
Founded in 2015, Innoven Capital SEA has become a partner for high-growth, venture-backed technology companies in Southeast Asia. Specializing in venture debt, Innoven Capital SEA has impacted the region's startup ecosystem by providing debt capital that enables companies to extend their cash runway while minimizing equity dilution.
The firm's portfolio includes market leaders and unicorns across various industries, solidifying its influential role in Southeast Asia’s venture ecosystem. Led by partners Paul Ong and Ben Cheah, Innoven Capital SEA has executed over 50 transactions in the region, contributing to the success of many startups and growth-stage companies.
CompAsia: pioneering sustainable technology solutions
CompAsia, established in 2012 by Julius Lim and headquartered in Malaysia, is a leading provider of refurbished and pre-owned electronics in Asia. The company has helped to transform the way consumers buy, sell, and trade smartphones, tablets, and laptops. CompAsia’s technology-first approach has earned it strategic partnerships with over 60 telecoms, manufacturers, and retailers in Southeast Asia, fostering a platform that emphasizes quality, affordability, and sustainability.
The company's services range from device financing and insurance to subscription models and trade-in programs, catering to a growing demand for eco-friendly solutions in electronics. With over 310 employees and a presence across Asia, CompAsia is on track to revolutionize the smart device ownership experience while reducing electronic waste.
Supporting growth and sustainability in Southeast Asia
Innoven Capital SEA’s investment will enable CompAsia to expand its circular economy solutions, making high-quality devices more accessible to a broader consumer base. This investment aligns with the shared vision of a greener, more connected future and strengthens CompAsia's commitment to sustainability in the tech industry.
CompAsia has experienced impressive growth, including a projected revenue of over $237 million in 2022. The company sold around 600,000 devices in 2021 and expects to surpass one million sales in 2022. CompAsia's e-store, launched in June 2020, has grown by an extraordinary 2,500%, underscoring its market potential and the increasing consumer demand for sustainable electronic solutions.
Innoven Capital SEA’s support will help CompAsia continue its mission of transforming the electronic device market, fostering a more sustainable and accessible future for tech consumers across Southeast Asia.
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