CRYO Holdings - Crowdz

Founded in 2013, CRYO Holdings offers safe, state-of-the-art cryotherapy chambers for the whole body and localized procedures. The company’s mission is to inspire people to live their best and most powerful lives while being the only vertically integrated cryogenics company in the world.

As a leader in luxury cryogenic solutions, CRYO oversees 4 different verticals, including:

• CRYO Science. The leading manufacturer for all cryogenic applications, with a strong focus on research and development.
• CRYO Cargo. A new vertical that focuses on developing and manufacturing ultracold refrigeration solutions for Pharmaceutical/vaccine storage and transport.
• CRYO Clinics. A vertical that specializes in the retail and franchising aspect of the cryotherapy business across the globe. 
• CRYO Services. A micro-bulk gas distribution company servicing cryogenic applications. 

As a technology company, CRYO is regularly investing in research and development for new products. For instance, their latest vertical is developing and manufacturing ultracold refrigeration solutions for Pharmaceutical/vaccine storage and transport. 

They are fortunate enough to have experienced a positive impact from the COVID-19 pandemic as they were part of the rising global awareness towards staying healthier through innovative technologies. 

 

Challenges

While working in the healthcare industry throughout the COVID-19 pandemic had allowed CRYO to expand, it also became clear that having working capital to service their growing production capacity and demand would be an ongoing challenge. 

“In the past, we’ve relied on bank financing and outside fundraising as alternative funding sources.” Said Benny Parihar, founder and managing partner of CRYO Holdings. 

Unfortunately, many small businesses experience challenges with traditional banking loans. They require lengthy paperwork and long wait times. 

In fact, the process of applying for a loan and receiving funds can take up to three months. Plus, if business owners don’t have a strong credit history and financial profile, they will likely need to provide collateral to be approved for a loan.

 

Solution

Due to the drawbacks commonly associated with banking and outside fundraising, CRYO began exploring a facility for invoice financing. It was not long after that they discovered Crowdz, an invoice marketplace that provides instant working capital.

They were drawn to the Crowdz because selling invoices on our marketplace is different from selling to a bank or factor. We invite various banks and investors to bid for unpaid invoices, incentivizing them to offer more competitive rates. The CRYO team also chose Crowdz for how fast we could deliver funds — in many cases, their account receivables were paid out within a few days versus 30 calendar days.

“The experience using the Crowdz platform was seamless.” Said Parihar. “Aiman and his team were very helpful in getting us on the platform and getting our invoices funded fairly quickly. Their ability to work faster through efficient processes has been incredible.”