Your Vision Is Our Mission
SpecTruck is a start-up optical establishment located at Kg. Cempaka, Petaling Jaya, Selangor, Malaysia. SpecTruck business model is unique and first of its kind in the optical industry as it offers its customers full optical services with the convenience of time and transportation, at an affordable price with professionalism i.e. eyes examined by optometrists via its mobile trucks. Unlike the normal retail optical shops, SpecTruck serves customers beyond the urban communities, to many of the suburban and rural areas in Malaysia reaching out to the poor and needy as well at their doorstep with its vision statement ‘YOUR VISION IS OUR MISSION’. Established in 2017, SpecTruck has successfully conducted more than 100,000 eye checks in over 100 schools and community centers with more than 10,000 pairs of spectacles delivered to students and ‘warga emas’ in several states in Malaysia.
Vision, the most dominant of our senses, plays a critical role in every facet and stage of our lives. We take vision for granted, but without vision, we struggle to learn to walk, to read, to participate in school, and to work. Vision impairment occurs when an eye condition affects the visual system and one or more of its vision functions. Vision impairment has serious consequences for the individual across the life course. Many of these consequences can, however, be mitigated by timely access to quality eye care and rehabilitation. Eye conditions that can cause vision impairment and blindness such as cataract, trachoma, and refractive error – are, for good reasons, the main focus of prevention and other eye care strategies; nevertheless, the importance of eye conditions that do not typically cause vision impairment – such as dry eye and conjunctivitis – must not be overlooked. These conditions are frequently among the leading reasons for presentation to eye care services in all countries.
- 50% of the world population will require eyewear due to screens by 2050.
- Access to eyewear is still limited in rural regions and often the wrong frame size is picked. Easily treated visual impairments often lead to blindness due to undiagnosed conditions.
- 70% of the Asian population requires eye care right now.
- Lack of actionable data makes for harder decision making and proper research such as the genetic inheritance of visual impairments, etc.
- Global blindness is set to increase three-fold by 2050 if action is not taken.
Our mobility concept means that our users and stakeholders need not come to us, but we come and deliver the services to you.
Since 2017 where we successfully conducted >100,000 eye checks in over 100 schools and community centers with <10,000 pairs of glasses delivered to students and senior citizens in several states in Malaysia. We ensure that each of our team always comprises at least 1 optometrist to conduct a thorough eye check.
We ensure our price point is always affordable and accessible to everyone in the community.
90% of our products are delivered on-site within the hour and the remaining 10% within 2-3 days.
SpecTruck makes customer to get their spectacles ready in four simple steps:
1. Basic Eye Screening - Once get into the truck, customer will get a simple explanation and free basic eye scanning
2. Detailed Eye Screening - This will focus in details on they eyes check and record the prescription
3. Choose Frame - Customer select from our latest frame collection
4. Edging - this is the last step for finishing and produce the ready to wear specs
We have had noted traction as follows:
SEPT 2018 - Visited 3 corporate buildings and provide eye screening for more than 500 staff within one health week campaign.
SEPT 2018 - Jointly event with Maybank Jinjang branch and conducted eye screening to more than 100 staff & Maybank's clients.
OCT 2018 - Jointly event with MRCB sales gallery and conducted eye screening for more than 100 staff & customers.
NOV 2018 - Visited 2 corporate buildings and provide eye screening for more than 400 staff within one health week campaign.
NOV 2018 - Visited corporate building and provide eye screening for more than 200 staff.
MAY 2018 - A supported event organized Kementerian Pendidikan to provide eye screening to more than 200 students.
JUNE 2018 - Invited to provide free eye screening services during cultural events in Dataran Merdeka, Kuala Lumpur.
MAY 2018 - Partnership to provide interest-free installment facility for government staff under the Ministry of Tourism.
OCT 2018 - Visited corporate building and provide eye screening for more than 300 staff.
OCT 2018 - Visited corporate building and provide eye screening for more than 200 staff.
JAN 2020 - Supported charity run organized by Sime Darby Group and provide eye screening for more than 300 participants.
AUGUST 2020 (during RMCO-COVID 19 - Invited to provide free eye screening services for more than 50 participants and sponsoring spectacle for the underprivileged community at Tanjung Gahai, Kuala Lipis, Pahang.
SEPTEMBER 2020 (during RMCO-COVID 19) - A collaborative project between Spectruck, Jabatan Kebajikan Masyarakat Negeri Pahang, and L’Occitane Foundation as a sponsor for free eye checking and consultation for underprivileged students from Kuantan & Pekan, Pahang. Upon completion of this project, Spectruck has done 1518 eye checks and distributed 532 pairs of eyewear to the students.
Our esteemed customer list is wide and the areas below
A.1.) CSR method
Yayasan, corporate, or foundations allocate a budget for SpecTruck. The Spec"Truck" will go to schools, old folk houses, orphanages, and similar to provide optometric on the spot, make and distribute specs and provide full media coverage and CSR audit data incl. beneficiaries' lists for the funding institutions. The minimum project budget allocation is RM100k.
This a colocation with corporates whereby SpecTruck drives the truck to corporate premises and provides specs services there.
A.2.i) Corporates that have Eye-wear claimable benefits provided by employers. Staff purchases their specs at the truck, the company pays for the base amount of their bill.
A.2.ii) Smaller SMEs: Provide space for the truck to sell specs. Usually, employees pay on their own whereby the employer encourages them to use the affordable offers of SpecTruck.
B) Retail Sales
Provide spec-related sales & service for neighborhood customers. Regular visits in underserved areas, especially outside of Klang Valley as well as in Borneo.
C) Online retails
Expansion to sell at Lazada and Shopee.
The Malaysian spectacles market is essential and yet still emerging, in relation to the global eyeware market in 2017 which is worth USD 117 Billion and to be expected growth to USD 182 Billion (a 56% increase). As we narrow down the market segment just only to Asia, this is expected to be USD 340 million alone.
Based on our extensive research and being in the industry for several years, we have not come across any direct competitors in this industry.
Non-direct Competition: Retail Outlets, Focus Point Vision Care Group Sdn Bhd, England Optical Group Malaysia Sdn Bhd
We are raising RM3m at a pre-money valuation of RM17m via this Equity Crowd Funding round. The funds will be utilized as below.
YOUR VISION IS OUR MISSION
Unlike the normal retail optical shops, SpecTruck serves customers beyond the urban communities, to many of the suburban and rural areas in Malaysia reaching out to the poor and needy as well at their doorstep with its vision statement ‘YOUR VISION IS OUR MISSION’. Established in 2017, SpecTruck has successfully conducted more than 100,000 eye checks in over 100 schools and community centers with more than 10,000 pairs of spectacles delivered to students and ‘warga emas’ in several states in Malaysia.
To date, Spec Truck has been self-funded. This ECF round is the first fundraising exercise for Spec Truck.
Dato' Seri David Sew, Founder & Chief Executive Officer
Dato' Jonathan Lim, Co-Founder
Carmen Soo, General Manager
Annie Sew, Head of Corporate Strategy
Zulhairi Md. Zin, Sr. Exec. Business Development
- No shares will be allotted or issued based on this document after six months from the closing of the offer period.
- This issue, offer or invitation for the offering is a proposal not requiring authorisation of the Securities Commission under section 212(8) of the CMSA 2007.
- This document has not been reviewed by the Securities Commission Malaysia. The Securities Commission does not recommend nor assumes responsibility for any information including any statement, opinion or report disclosed in relation to this fund raising exercise and makes no representation as to its accuracy or completeness. The Securities Commission expressly disclaims any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the information disclosed.
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