AGC partnered with the company for offering receivables purchase from SME suppliers in October 2016 and offered $1 million which has been now enhanced to $5 million, the company said. This is the first investment by AGC in a Middle East company.
“Having worked with Invoice Bazaar over the last year, we found them to be a great partner as the team understands our investment mandate and we are able to close out on opportunities rather quickly. Alternate finance in the Middle East is catching up and we see some tremendous traction originating from the UAE,” said Nate Hartley, CEO, Advance Global Capital.
Founded in 2016, Invoice Bazaar Forfaiting Services LLC connects large buyers with SME suppliers which help them to avail early payment on their receivables. The company’s clientele portfolio includes companies like Unilever, Huhtamaki Group, Hamleys and Britannia Middle East.
“With enhanced institutional capital, we are able to attract better client profile interested in Supply Chain Finance (SCF) offering. As SCF is a solution that benefits every stakeholder, it is obvious for larger corporations to be interested in implementing this model benefiting their suppliers.” says Anand Nagaraj, founder and CEO of Invoice Bazaar.
In May, the company, which also has a presence in Singapore and India, raised an undisclosed amount of investment from Shirish Apte, former CEO and Chairman Asia Pacific of Citigroup.
AGC focuses on financial inclusion by connecting small and medium-sized businesses with investors who seek commercial rates of return and a positive social impact.
In the last couple of years, there have been lots of activities happened in the supply chain space.
Last month, KKFund, a Singapore-based venture capital firm, led a RM2 million ($447,000) seed funding round in Malaysian supply chain finance platform CapitalBay; in August, Future Supply Chain Solutions filed for an IPO to raise $109 million; Redington promoters sold 5 per cent stake in supply chain firm for $39 million in July and Gravity Supply Chain, a Hong Kong-based developer of a cloud-based supply chain and logistics visibility platform, raised an additional $2.5 million round of venture financing in April.