Honestbee Seeks $14m Bridge Financing Via Convertible Debt At Double-digit Interest Rates

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Habitat by Honestbee.

Singapore-headquartered grocery and food delivery startup Honestbee is seeking to raise S$20 million ($14.5 million) in bridge financing, and is open to raising this capital via convertible loans/warrants at double-digit interest rates, for a term of 6-12 months, DEALSTREETASIA has learnt.

Singapore’s Business Times first reported last week that Honestbee had approached investors seeking to raise at least S$20 million.

In a document seen by DEALSTREETASIA detailing the terms of the convertible debt it seeks to raise, the startup claims to be out of money and “solely surviving on drips” from its investor and interim CEO Brian Koo, who will also be personally backing the bridge loan.