IsItUp.com, a platform for tracking and monitoring fixed assets today announced that it has raised an undisclosed amount of funding from Gobi Partners as part of its seed round. It had previously secured a six-digit figure in seed investment from 8capita and 500 Startups. The startup plans to use the freshly raised funds for further platform development for enterprise clients and sales.
The startup seeks to address the issue of unloved and undermanaged fixed assets. Its mission is to help companies save money by optimising asset value and providing simple, yet valuable reporting.
IsItUp.com’s cloud solution enables enterprises to seamlessly track and manage their assets through a web interface and iOS or Android mobile apps. This ensures maximum utilization and better return-on-investment for a company’s fixed assets in a cost-effective and decentralized way. In addition, the platform helps businesses keep organized, digital audit trails that can be easily stored and exported without digging through stacks of paper.
The service essentially offers corporations a two-pronged approach to fixed asset management, firstly via its cloud platform, and secondly through the value added service of assisting companies to organize its fixed assets data with advanced tracking technology and an Onboard Concierge Team. The second feature is paving the way for IsItUp’s upcoming unique service of Insurance Reporting, which will provide companies with the exact valuation for their fixed assets, thus making it easier to gain the right amount of insurance for their property.
IsItUp Co-founder and CEO Andrew Diamond in an official statement said,
The additional support from Gobi Partners, together with our existing investors 500 Startups and 8capita provides us with a strategic network and valuable mentorship that will support our growth ambitions in the region.
Besides its powerful cloud management solution, the IsItUp.com team also offers onsite onboarding services, including tagging, sorting through licenses, and uploading all asset information to the platform. IsItUp.com additionally provides a QR code stickers and network scanning capabilities. All businesses need to do is scan an asset’s QR code, and all the information is available at their fingertips.
IsItUp.com’s cloud platform combined with its support services solves many business headaches, from accounting to auditing to utilization to reporting. Now, businesses have an effective yet simple system to track billions of dollars in fixed assets that many fail to manage effectively.
Gobi Partners’ ASEAN Investment Director Victor Chua said,
IsItUp.com operates in one of the least exciting sectors. However, it serves as a significant and effective method for companies to minimise wastage and hence optimise expenditure of businesses. This is especially important when the economy swings and hits a downward trend – cost optimisation becomes a key strategy for most corporates to survive.
Even though in beginning the business focused on SMEs (small and medium-sized enterprises), the platform has attracted the attention of several big enterprises throughout Asia. Now, large enterprises with multiple offices or branches throughout the region are now starting to take notice because of the platform’s capability to handle and organize substantial amounts of fixed asset data. Based in both Malaysia and Singapore, IsItUp is striving to provide a simpler process and the best technology for fixed assets management for a competitive price.
Gobi Partners is a leading venture capital firm with an investment focus on early-stage, digital media, IT and TMT companies. The firm’s ASEAN Investment Director, Victor Chua, said,
We at Gobi believe that the team behind IsItUp.com has the relevant background and experience to handle and meet the demand of their clientele. As companies expand, their company asset registers tend to get messier.