Shadine Taufik · · 1 min readSG electronics firm charges up with $31.9m raise
Singapore-based Prism+, a consumer electronics brand, has raised S$45 million (US$31.9 million) in a new funding round led by TNB Aura.
Photo credit: Prism+
Prism+, founded by Jonathan Tan in 2017, started selling products in the home entertainment electronics space and has expanded to smart home appliances.
Currently, the company has three outlets in Singapore and plans to open three more in the city-state by the first quarter of 2023. It is also looking to launch several retail outlets in Singapore and Malaysia.
Last month, Prism+ launched its range of air conditioner systems in Singapore as well as an installation and maintenance service for the latest line. The company said it has installed over 100 air conditioners since the launch.
Prism+ will use the fresh funds to expand its product line and penetrate deeper into Southeast Asia, particularly the Philippine market, and has plans to launch its direct-to-consumer model in the country by the first quarter 2023. Prism+ is also looking to hire technicians to support its air conditioning services.
See also: Exclusive: East Ventures leads $600k seed round of Singapore D2C firm
Currency converted from Singapore dollars to US dollars: US$1 = S$1.41
Editing by Deepti Sri
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