Asia’s growth financing platform Choco Up has partnered with Hong Kong-based investment management firm Wonder Capital Group Limited to launch a series of private credit funds to funnel $50 million into SMEs across the Asia-Pacific region, per a press statement.
This partnership includes the completion of Choco Up’s first close of a $10-million private credit round from CMAG Private Credit Fund led by Wonder Capital.
CMAG Funds is a series of Cayman funds managed by Wonder Capital with Chatchaval Jiaravanon – a member of the billionaire family controlling Thailand’s conglomerate Charoen Pokphand Group Company (CP Group) – as a strategic partner and investor. Jiaravanon is the founder and chairman of Thai power company Charoen Energy and Water Asia, and he independently owns Fortune Media.
The partnership “aims to address the untapped potential of asset-light businesses, offering tailored solutions that combine Choco Up’s innovative financing platforms with Wonder Capital’s financial expertise,” said the duo in the statement.
Choco Up, which operates from Australia, Malaysia, Singapore, and Hong Kong, has offered its equity-free working capital solutions to APAC businesses with over $1 billion in gross merchandise value (GMV).
With the funding and partnership, Choco Up plans to advance its mission to power a million asset-light businesses in APAC, focusing on the SME space, where it sees a $2-trillion funding gap. Choco Up is working to help bridge the gap with flexible, non-dilutive, revenue-based financing and tailored growth strategy.
The strategic partnership enhances Choco Up’s access to institutional investors and strategic partners, while the private credit funding round from Wonder Capital will catalyse empowering businesses in areas like e-commerce, Software-as-a-Service (SaaS), and technology.
“By leveraging Wonder Capital’s network and resources, we are better equipped to help businesses overcome growth barriers and realise their expansion plans. Together, we aim to not only support the region’s SMEs, but also deliver a compelling investment proposition for institutional players seeking high-growth opportunities in APAC,” said Choco Up’s founder and CEO Percy Hung.
Gigi Chan, founder and CEO of Wonder Capital, said: “Partnering with Choco Up allows us to tap into the blue ocean of asset-light businesses across APAC. The launch of our private credit fund series has already attracted strong interest from institutional investors, and we expect to continue to raise $50 million.”
Wonder Capital is an independent investment management firm based in Hong Kong with Type 1 Dealing in Securities, Type 4 Advising on Securities, and Type 9 Asset Management licenses granted by the Securities and Futures Commission of Hong Kong (HKSFC). It specialises in providing advice and solutions to professional investors, including institutions, family offices, and high-net-worth individuals around the globe.
