Automoto Glass seeks to raise US$24,230 on Ata Plus
By Digital News Asia January 29, 2019
- Aims to expand services across Malaysia and eventually the Asean region
- Developing a mobile app to meet the increasing demand for windscreen repair
AUTOMOTO Glass, a windscreen repair service, is raising US$24,230 (RM100,000) in its first equity crowdfunding (ECF) campaign on ECF platform, Ata Plus.
The fundraising exercise is aimed at expanding its inexpensive mobile windscreen repair services across Malaysia and eventually the Asean region.
Automoto Glass offers customers quality services via highly-trained professionals equipped with the latest technology to perform mobile windscreen repairs so that a simple crack or minor chips on a car windscreen can be fixed in just 45 minutes or less, without compromising the condition of the original windscreen.
The company has an exclusive partnership with a company that produces windscreen repair kits, using a patent pending technology.
With over 13 million vehicles actively registered in Malaysia, it can be conservatively estimated that at any one time, approximately 5% of vehicles would have some issues with their windscreen, amounting to 700,000 repairable windscreens.
Approximately 15 million windscreens are replaced annually in the United States, amounting about 600 million pounds of glass and plastic filling up the landfills, a definite contributor to the pollution of the environment.
Currently, the windscreen replacement service is dominating the auto glass industry. Many auto glass workshops only provide windscreen replacement services due to the lack of skilled technicians and equipment for windscreen repair.
Additionally it is also due to motorists being unaware of the convenience and affordability of repair services.
To address this, Automoto Glass is developing a mobile app to meet the increasing demand for windscreen repair and to scale up its business. The mobile app will allow car owners to conveniently find a skilled technician when faced with windscreen problems.
Since its establishment, Automoto Glass has secured partnerships with over 10 auto repair workshops in the Klang Valley. The company also plans to partner insurance companies to offer a cost-efficient alternative for windscreen coverage.
“We are determined to make windscreen repair a viable alternative for car owners and insurance companies. We aim to be a dominant windscreen repair player in Malaysia and the region,” said Automoto Glass founder and chief executive officer Raymond Tan (pic).
The company is now seeking funds for marketing, the launch of their mobile application,working capital and operations for the next three years.
“Not only does equity crowdfunding provide alternative funding, but it can also be a tool for small companies such as Automoto Glass to create brand visibility and awareness of solutions that also have greater societal benefits ” said Ata Plus director and co-founder Kyri Andreou.
“Equity crowdfunding is primarily aimed at greater financial inclusion, and as such we will continue to help smaller business, like Automoto Glass, have that opportunity to obtain funding from the crowd,” added Ata Plus director and co-founder Elain Lockman.
For more information on the company and this investment opportunity, please visit www.ataplus.com/deals/automotoglass