Mar 22, 2016 - Singapore:
United Overseas Bank Limited (UOB) and Temasek Joint Venture InnoVen Capital (InnoVen) today announced that it has signed two venture debt financing agreements with e-commerce startups in Southeast Asia.
These startups are among the 20 Southeast Asian, Indian and Chinese companies which InnoVen has identified for venture debt funding in the next six months. They are in sectors such as e-commerce, financial technology, logistics and big data.
In the first quarter this year, InnoVen signed financing deals with Malaysia-based KFit Holdings, an e-commerce health and fitness company and Thailand-based Pomelo Fashion, an e-commerce fashion company. Both companies will be using the venture debt loans to develop their business in the region.
InnoVen will provide loans totalling US$5 million to help KFit Holdings and Pomelo cater to the fitness habits and fashion trends of Asia’s growing affluent population which is expected to account for two-thirds of the world’s middle class consumers or about 3.2 billion people by 2030.
Mr Eric Tham, Managing Director and Head of Group Commercial Banking, UOB, said venture debt is important in nurturing Asia’s entrepreneurs and in encouraging innovation.