Coral Capital Provides Financing to Nutrihealth Products Distributor
Coral Capital Solutions announced it provided an $8 million factoring facility to an early stage distributor of Nutrihealth and wellness products. The facility will allow the Florida-based company to expand their sales in the United States.
The company started as diet centers doing business with Groupon. In 2013, the company leveraged its relationship with Groupon and switched to selling a series of nutritional, tobacco alternatives, and personal products. Gaining momentum with larger and larger orders, the company required additional working capital. While the majority of business is bulk pick up from the manufacturing facility or drop shipments, invoicing is based on each consumer order.
“Coral Capital’s ability to screen, verify with the customer, record and fund thousands of invoices instantly was a valuable advantage that helped the Company obtain funding quickly,” said Einat Steklov, President of Coral Capital Solutions.