WINDSCREEN repair service provider Automoto Glass is raising RM100,000 in its first Equity Crowdfunding (ECF) campaign to expand its services across the country and eventually, into the Asean region.
Automoto Glass offers customers access to trained professionals equipped with the latest technology to perform mobile windscreen repair 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.
“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 chief executive officer and founder Raymond Tan.
With over 13 million vehicles actively registered in Malaysia, Tan noted that it can be conservatively estimated that at any one time, approximately 5% of vehicles would have some issues with their windscreen. This will amount to 700,000 repairable windscreens.
Currently, the windscreen replacement service dominates the auto glass industry. Many auto glass workshops only provide total windscreen replacement services due to the lack of skilled technicians and equipment for windscreen repair works instead.
Additionally, motorists are often unaware of the convenience and affordability of repair services rather than a windscreen replacement.
To address this, Automoto Glass is developing a mobile app to meet the increasing demand of windscreen repair and to scale up its business. The mobile app will allow car owners to find a skilled technician when faced with windscreen problems conveniently.
Since its establishment, Automoto Glass has secured partnerships with over 10 auto repair workshops in the Klang Valley. It also plans to partner up with insurance companies to offer a cost-efficient alternative for windscreen coverage.
Tan added that this will also help reduce waste from replacing windscreens.
In the US, for example, approximately 15 million windscreens are replaced annually, amounting to about 600 million pounds of glass and plastic filling up landfills. By repairing windscreens, it will definitely reduce pollution of the environment.
The company is now seeking funds for marketing purposes, to fund the launch of their mobile app, as well as for working capital and operations for the next three years.
Its ECF campaign is hosted on Ata Plus platform.
“Not only does ECF provide alternative funding, it can also be a tool for small companies such as Automoto Glass to create brand visibility and awareness on solutions that also have greater societal benefits,” said Ata Plus director and co-founder Kyri Andreou.
“ECF 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 Elain Lockman, Ata Plus director and co-founder.