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Choco Up, BuyHive team up on critical goods for Covid patients
Funding will allow buyers to secure life-saving supplies on flexible terms
The Asset 27 May 2021

Investment and fintech firm Choco Up has formed a partnership with BuyHive, a Hong Kong-based tech-enabled sourcing platform, through a US$1.5 million investment and a trade finance facility.

The investment will allow BuyHive to secure supply of oxygen concentrators, oximeters and related critical goods urgently needed in India and other countries experiencing worsening outbreaks of Covid-19. The trade finance facility will enable BuyHive to offer more flexibility to their customers who will no longer be required to make a 100% upfront payment for their services. Buyers using the 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.

BuyHive offers a hassle-free sourcing solution focused on trust and transparency, enabling buyers from 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 customized orders, and a self-service e-commerce platform featuring invitation-only suppliers, that is suitable for medium-sized and smaller orders with limited customization. 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 through 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.

"We are always very excited to work with innovative and high-conviction companies such as BuyHive," says Choco Up co-founder and chief executive officer Percy Hung. "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 way of sourcing for supplies, which is expensive and exhausting."

Choco Up is a revenue-based investment firm that uses a 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 be made accessible from three days to a week, and even as quickly as under 24 hours with the platform’s real-time business analytics and risk assessment models. 

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