Asia’s leading revenue-based financing and growth platform Choco Up announced today a partnership with BuyHive – a Hong Kong-based tech-enabled sourcing platform – that consists of a USD2.2 million funding facility.
BuyHive offers a hassle-free sourcing solution focused on trust and transparency, that enables buyers across the world to buy safely from vetted suppliers who meet their standards of quality, reliability, and compliance. The solution consists of an end-to-end turnkey sourcing solution, suitable for higher volume and more customised orders, and a self-service eCommerce platform featuring invitation-only suppliers, that is suitable for medium-sized and smaller orders with limited customisation. Unlike other such solutions in the market, BuyHive acts on behalf of its buyer customers, is accountable for every order, and does not take any money from suppliers.
In addition to the sourcing solution, BuyHive offers a unique supplier shortlisting service fueled by a network of freelance sourcing professionals with expertise in a wide range of product categories, who leverage their professional networks or attend relevant trade shows to find and recommend suppliers who can meet the buyers’ requirements.
The $2.2m funding from Choco Up will allow BuyHive to secure high-demand supply of oxygen concentrators, oximeters and related critical goods needed in India and other countries experiencing worsening outbreaks of COVID-19. And the trade finance facility will enable BuyHive to offer more flexibility to their buyer customers who will no longer be required to make a 100% upfront payment for their services. Buyers utilising their platform can instead opt for a 60- or 90-day payment plan – making BuyHive’s services more marketable and accessible for a wider range of clients.
“We are always very excited to work with innovative and high conviction companies such as BuyHive,” said Percy Hung, Co-founder and CEO of Choco Up. “They have managed to successfully leverage on their expertise in connecting buyers to reputable manufacturers through their 21st century sourcing platform, potentially disrupting the traditional ways of sourcing for supplies, which is expensive and exhausting.”
Choco Up is a revenue-based financing and growth platform that offers Funding as a service (FaaS), utilising its proprietary data-driven fintech platform to enable promising startups and fast-growing businesses to reach their potential through quick and economical capital solutions. Funding can usually be made accessible from 3 days to a week, and even as quickly as under 24 hours with Choco Up’s real-time business analytics and risk assessment models. With travel suspended in many parts of the world, BuyHive’s services offer a timely alternative for buyers to find and buy safely from quality suppliers around the world – the funding partnership with Choco Up will allow the company to expand their customer base further.
“Choco Up understands the funding needs of startups,” said BuyHive CEO, Minesh Pore. “Working with Choco Up has been a pleasure and the whole funding process was transparent and fuss-free. We were able to receive a term sheet and subsequently funding from them within days rather than months. BuyHive is rapidly growing and having fast access to non-dilutive capital helps us to scale and accelerate our growth.”