3cat, an omnichannel platform for pre-owned electronics, has raised US$4 million in Series A funding led by Foxmont Capital Partners, with participation from Asian Development Bank (ADB) and Golden Gate Ventures. The new round comes as rising component costs are putting upward pressure on smartphone prices, sharpening the need for more affordable ways to access quality technology. 3cat has built its business around that opportunity: combining the economics of pre-owned devices with the quality assurance, warranty and retail experience needed to make them a credible alternative to buying new. The funding will support 3cat’s next phase of growth, taking the model proven in Malaysia into the Philippines, its first international market.
Making Affordable Pre-Owned Tech a Credible Mainstream Choice Founded in 2023, 3cat has grown from an online-only business into a network of more than 20 stores across Malaysia. Its growth has been built around a market-changing insight: affordability creates demand for pre-owned technology, but consumer confidence determines whether that demand converts into a viable mainstream category. 3cat has invested systematically in closing that trust gap. Its proposition combines like-new technology at accessible prices with rigorous quality assessment, a 12-month warranty and generous return policy. Customers can inspect and purchase devices in popular mall locations, access financing, interact with the company online, and receive support through physical stores. The majority of 3cat’s store transactions involve an online touchpoint somewhere in the customer journey, including interaction with the company’s proprietary AI sales agents. This approach has helped move pre-owned electronics into mainstream retail environments in Malaysia.
For 3cat CEO and Co-Founder Karl Loo, the company’s progress in Malaysia demonstrates that trust can be treated as a genuine business asset.
“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.”
Bringing the Model to the Philippines as Affordability Pressures Grow The funding will support 3cat’s entry into the Philippines, a market of over 110 million people with a young, mobile-first population and strong consumer demand. With 18.4 million smartphones sold in 2025[1], nearly twice Malaysia’s market, the Philippine market is both large and active. Yet rising handset prices are putting increasing pressure on affordability, with a new mobile phones now costing up to double of the median monthly income of a Filipino. This creates a growing opportunity for high-quality pre-owned devices at more accessible price points – exactly the market opportunity that 3cat has identified with its proven model.
Backed by a Deep Bench of Regional and Institutional Investors The expansion, backed by a reputable bench of investors, reflects the confidence 3cat has earned in a model that has proven itself in Malaysia and now has the opportunity to scale into a substantially larger market.
Foxmont Capital Partners, which led the Series A, brings deep consumer and retail experience in the Philippines and across Southeast Asia.
“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, Foxmont Capital Partners.
ADB’s participation adds one of Asia’s major development institutions to 3cat’s shareholder base. The investment reflects the potential for commercially scalable models to advance more circular consumption while widening access to quality digital technology. Apart from funding received in this series A round, ADB has authorised a further US$2.8 million for future funding rounds of 3cat.
“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, 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.”
Golden Gate Ventures brings 15 years of experience investing in technology companies across Southeast Asia and other high-growth markets.
3cat was founded by Karl Loo an experienced entrepreneur who has built and scaled businesses across multiple markets, together with Chris Ng, a former founding senior executive at Oppo Malaysia, and Heinrich Wendel, who brings deep experience in product, technology and building digital businesses.
[1] https://www.marketresearch.com/Euromonitor-International-v746/Mobile-Phones-Philippines-42173850/
