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Trade X Announces Us$10 Million In Equity Funding To Continue Global Expansion

Aug 30, 2021•about 4 years ago

Amount Raised

$10 Million

Toronto

Description

Trade X Group of Companies Inc. (TRADE X), a global B2B automotive trading platform, today announced it has completed its financing round as initially announced on July 27, 2021, to fuel the company's growth and drive forward its mission to eliminate barriers to buying and selling pre-owned vehicles across international borders. The additional equity funding of US$10 million, at a US$250 million pre-money valuation, is led by a group of new investors, including EchoVC, Frontier Ventures, and Ugrowth (University Growth Fund).

Company Information

Company

Trade X

Location

Toronto, Ontario, Canada

About

With headquarters in Ontario, Canada, TRADE X is the first global vehicle marketplace to aggregate cross-border supply and demand for car dealers, fleet owners, rental companies, mobility solution providers, importers, and exporters, opening new trading corridors to buy and sell vehicles. The TRADE X 'Brain' platform is a machine-learning, AI-driven technology that connects buyers and sellers through a transparent marketplace that aids sellers in finding the world's highest bidders and gives buyers access to the best source markets and price arbitrage opportunities. Users can quickly and seamlessly transact online in a secure environment with all the complexities of international trade – compliance, anti-money laundering regulations, vehicle inspection, currency exchange, digital trade documentation, payments, and financing – all managed by TRADE X. The company serves authorized buyers and sellers everywhere with a user-friendly app available 24/7 via mobile, tablet, or desktop. TRADE X's largest investors include Aimia Inc., a publicly traded holding company listed on the Toronto Stock Exchange (TSX: AIM). To learn more, visit www.tradexport.com.

Funding Insights

Based on industry data
Tech investment trends
83% of B2B companies plan digital investments, with 79% prioritizing customer experience tech