In an insightful interview with Dailystraits.com, Choco Up co-founder and CEO Percy Hung shared the captivating journey of how he and his university friend Brian Tsang pivoted from their initial forays into e-commerce to establishing Choco Up, a premier revenue-based financing platform in Asia.
The Genesis: From E-Commerce to Choco Up
The story begins in 2008, with Percy delving into e-commerce by sourcing products from China to sell in the U.S. through eBay. Despite the rudimentary internet and logistics infrastructure of the time, Percy's early ventures laid the groundwork for his entrepreneurial journey. Reflecting on these experiences, Percy highlighted the steep learning curve and the significant challenges, from high setup costs to navigating consumer returns and account suspensions.
Percy and Brian's collaborative efforts led to several ventures, including cloud kitchens, cafes, and direct-to-consumer brands, before the inception of Choco Up. Each experience sharpened their understanding of the business world, from managing physical stores to leveraging data analytics for e-commerce success.
The Birth of Choco Up
The idea for Choco Up emerged from their collective experiences and the recognition of a gap in the market for new economy businesses unable to secure traditional bank financing. Choco Up offers an innovative revenue-based financing solution, adapting a model familiar in the West to the unique market dynamics of Southeast Asia and Australia.
Fueled by their own capital initially, Percy and Brian navigated early challenges by demonstrating the viability of their business model. Their breakthrough came with significant investment from a NASDAQ-listed company, propelling Choco Up into a leading position in the industry.
Choco Up Today
Today, Choco Up has funded over 700 businesses with more than $150 million USD, offering financial support ranging from $10,000 to $1 million USD based on the businesses' revenue. The platform utilizes advanced algorithms and data analytics to streamline the funding process, providing quick and efficient financial solutions to businesses across Singapore, Australia, Malaysia, and Hong Kong.
Percy and Brian's journey from e-commerce entrepreneurs to fintech innovators exemplifies the power of resilience, innovation, and strategic pivoting in the business world. As Choco Up continues to expand and support more businesses, its founders' commitment to providing an "energy boost" to the market remains unwavering, much like the uplifting effect of chocolate they liken their company to.
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