Treasure Global (NASDAQ: TGL), an innovative e-commerce platform providing seamless technology enabled solutions for lifestyle needs, has signed an agreement with a single institutional investor for an unsecured convertible debt facility. The agreement is for up to $5.5 million to be drawn in tranches. According to the announcement, Treasure Global anticipates using the first $2 million drawdown to continue developing innovative new products and solutions as well as for working capital and general corporate purposes. “We are pleased to reach an agreement for financing of up to $5.5 million, to provide TGI with additional runway to continue the development of our pipeline of innovative technology offerings for lifestyle needs,” said Treasure Global CEO Sam Teo in the press release. “The additional capital will provide TGI with greater financial flexibility as we remain focused on increasing user engagement and enhancing our product offerings to generate revenue with improved margins.”
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About Treasure Global Inc.
Treasure Global is an innovative Malaysian e-commerce platform providing seamless technology enabled solutions for lifestyle needs with instant rebates and affiliate cashback programs. On a mission to bring together the worlds of online e-commerce and offline physical retailers, TGI is developing a portfolio of leading digital platforms for use throughout Southeast Asia and Japan. In June 2020, TGI launched its proprietary product, the ZCITY App, a unique digital ecosystem that transforms and simplifies the e-payment experience for consumers while simultaneously allowing them to earn rewards. In the ZCITY ecosystem, users can utilize TAZTE, a revenue-generating digital F&B management system providing merchants with a one-stop touchless management and automated solution to digitalize their businesses. As of Dec. 31, 2022, ZCITY had more than 2,300,000 registered users. For more information about the company, visit www.TreasureGlobal.co.
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