Asian growth financing platform Choco Up and investment management firm Wonder Capital Group have partnered to begin a series of private credit funds projected to raise US$50 million as part of the platform’s aim to empower a million asset-light businesses in the Asia-Pacific region to achieve sustainable growth.

This partnership includes the successful completion of its first close of a US$10 million private credit funding round funded by CMAG Private Credit Fund led by Wonder Capital.

The small and medium-sized enterprise ( SME ) sector, which accounts for 98% of all businesses in Asia, but contributes only 38% to the region’s GDP, faces a staggering US$2 trillion funding gap in meeting their growth and expansion needs.

The financing platform is working to bridge this gap by providing flexible, non-dilutive revenue-based financing and tailored growth strategies.

The fund led by the investment manager will serve as a catalyst for empowering businesses in industries like e-commerce, software-as-a-service and technology, enabling them to scale and unlock exponential growth.

The partnership enhances the platform’s access to institutional investors and strategic partners, creating greater visibility and collaboration opportunities. Additionally, backing from a reputable institution like Wonder Capital strengthens the platform’s market positioning, it says, and instils confidence among stakeholders, partners and clients.

To date, the platform has financed over US$1 billion in gross merchandise value across Asia-Pacific. With the funding and partnership in place, the platform, it says, is poised to extend its support to even more businesses, helping them to scale sustainably.

Wonder Capital brings to the table a wealth of expertise in investment management, and has a strong track record of providing strategic funding and guidance to high-growth businesses globally.

“Partnering with Choco Up allows us to tap into the blue ocean of asset-light businesses across Asia-Pacific,” say Gigi Chan, the investment manager’s founder and CEO. “The launch of our private credit fund series has already attracted strong interest from institutional investors, and we expect to continue to raise US$50 million.”

Percy Hung, the financing platorm’s founder and CEO, adds: “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 Asia-Pacific.”