eCargo Secures US$5 Million Debt Facility to Grow Supply Chain Platform
eCargo Holdings Limited, a supply chain company helping brands expand and sell more in the Asia market, is pleased to announce that it has secured a new private debt facility with AlteriQ Global (“AlteriQ”), an Asia-focused private credit investment firm with a strong edge in Southeast Asia, for US$5 million to fund the continued growth of its proprietary B2B eCommerce platform, Flow.
Flow provides B2B supply chain solutions for international trade including buyer-supplier management, international logistics and credit management. The funds will be utilised to fast-track Flow’s continued growth by allowing the platform to fund an increased number of B2B transactions and the higher transaction values for its client base of buyers and suppliers. This will assist Flow to bring in new clients, help existing clients grow at a larger scale and expand in new regions, while ensuring scalability, security, and reliability.
In response to evolving market dynamics and supply chain disruptions, the Flow platform has experienced substantial growth in user adoption and transaction volume over the past year. This surge underscores the critical demand for a reliable supply chain partner like eCargo to serve as the intermediary, overseeing end-to-end order management from origin to destination.
Read More: Enterprise Retailers Increase Identification 12% Year-Over-Year This Black Friday Finds Bluecore
A number of proposals were received from a range of lenders. AlteriQ was selected as the preferred lender given its deep experience in the credit sector and its portfolio of companies that can leverage the technology and service of Flow. After extensive due diligence, covering all material aspects of the business, AlteriQ has granted a debt facility with a 12-month duration.
Commenting on the new private debt facility, eCargo Chief Executive Officer Lawrence Lun said:
“We have been extremely pleased with the performance and traction that Flow has achieved over the past 12 months, with sales transactions continuing to grow strongly. In a market where brands and retailers are continuing to grapple with supply chain disturbances, weakening demand resulting in longer cash conversion cycles, and continuous changes in import regulations, Flow is playing an increasingly important role in supporting brands to sell into the burgeoning Asian market.
“This marks the first time we have secured external funding since listing, which demonstrates the maturity of our business model in the market. We are excited to partner with AlteriQ, given their strong experience in this space. We look forward to sharing our progress with shareholders as we continue to grow.”
Read More: SalesTechStar Interview with Abigail Salvador, Sr. Growth Account Executive at Gong
