3cat, an omnichannel platform for pre-owned electronics, has raised 4 million dollars in Series A funding led by Foxmont Capital Partners, with participation from the Asian Development Bank and Golden Gate Ventures. The round includes an authorization from ADB for a further US$2.8 million for future funding rounds.
The financing addresses rising component costs that are pushing smartphone prices higher, increasing the demand for lower-cost alternatives. Founded in 2023, 3cat has expanded from an online operation into a network of more than 20 stores across Malaysia. The company combines pre-owned device sales with quality assessments, a 12-month warranty, physical retail locations, and online touchpoints, including proprietary AI sales agents. The new capital will fund the company’s entry into the Philippines as its first international market.
For 3cat CEO and Co-Founder Karl Loo, the company’s progress in Malaysia demonstrates that consumer confidence can be established as a core operating principle.
“Trust is what makes this category scalable. We have spent the last three years building it deliberately, through the quality of the devices we sell, the warranties we stand behind, the stores we invest in and the market-leading experience we deliver at every customer touchpoint,” said Karl Loo, CEO and Co-Founder of 3cat. “That allows us to deliver on a very simple consumer promise: like-new technology at always-low prices.”
The expansion targets the Philippines, a market with a population of over 110 million and 18.4 million smartphones sold in 2025. With new mobile devices costing up to double the median monthly income of a Filipino worker, the market presents structural demand for affordable technology options.
“Across Southeast Asia, smartphones are both essential and aspirational, but premium devices are increasingly out of reach for many consumers. 3cat makes refurbished electronics trustworthy, warrantied, and accessible. We led the round because its complementary founding team has built a repeatable omnichannel model that can expand access to quality devices across the Philippines and beyond,” said Jelmer Ikink, Managing Partner at Foxmont Capital Partners.
The inclusion of ADB brings a major development institution into the company’s investor group, supporting commercial models focused on circular consumption and digital access.
“3cat is helping build greater confidence in the second-hand device market by bringing clearer standards around quality, reliability and after-sales assurance,” said Charles Navarro, Investment Specialist at ADB Ventures. “As the company expands in Malaysia and the Philippines, its model has the potential to help raise standards across the wider market while extending the useful life of devices. This will have a positive long-term impact on the local circular economy and contribute meaningfully to climate action and e-waste management.”
The round also includes participation from Golden Gate Ventures, adding regional technology investment experience to support the company alongside founders Karl Loo, former Oppo Malaysia founding senior executive Chris Ng, and product and technology lead Heinrich Wendel.