Smart technology company Buddy has entered a $20 million trade finance deal.
The company, known for its LIFX smart lights range, entered the agreement with Scottish Pacific today.
Scottish Pacific, are the largest independent working capital lender in Australia and New Zealand.
The 24-month agreement will be a rotating loan at an interest rate of 6.5 percent.
The $20 million will go towards increasing manufacturing rate of Buddy’s LIFX products, in response to the growing demand of the company’s products.
LIFX recently celebrated March 2019 profits more than doubling March 2018 profits.
The company also recently secured a deal with Best Buy for a separate showcase floor in every store. LIFX lights are currently sold across the globe by Google, Amazon, Bunnings, Best Buy, Apple, Officeworks, and JB Hi-Fi.