Pacific Baby, which makes non-plastic baby feeding products, has closed the first debt deal on Impact Partner Platform, the matchmaking platform of IIX. Based in Singapore, the platform connects social enterprises with mission-driven investors.
The Hong Kong startup raised the undisclosed amount to expand its distribution of bamboo- and steel-based products in 30 countries, including the U.S. and China. Baby feeding is a $5 billion industry, yet most products are still made with petroleum-based plastics linked with health problems in humans.
The Impact Partners Platform has closed more than 30 equity deals, but this was the first debt financing. Many entrepreneurs are turning to debt rather than equity to finance their growth plans.
IIX founder Durreen Shahnaz was recently awarded the Oslo Business for Peace Award.
This post originally appeared in ImpactAlpha's daily newsletter. Get The Brief.
Photo credit: Pacific Baby / Screenshot