Tradico AG, a Munich, Germany-based online finetrader for the commercial sector with Europe-wide operations, raised over €1m in funding.
The round, led by Henry Ritchotte, through his RitMir Ventures, and angel Hermann Hauser, followed a €2.5m funding closed in September 2016 with Dieter von Holtzbrinck Ventures (DvH Ventures), Earlybird Venture Capital and Speedinvest.
This brought the total raised by the company to date to €3.5m in a few months.
The company will use the funds to expand its customer base to other key European markets, firstly in the Benelux countries.
Founded in 2014 and led by Manuel Hehle, CEO, Tradico specializes in finetrading financing solutions by providing working capital for enterprises. The company, whose major focus is still in the German-speaking world, provides medium-sized enterprises which are looking for funding for goods or sales outside banks with fast working capital without having to deposit bank securities in return.
Medium-sized enterprises can fill in a short form on the www.tradi.co corporate website – and Tradico then makes a decision immediately about granting a limit for purchases. The service makes decisions about funding for purchases of up to €20k within 30 seconds; the checks take about 48 hours in the case of larger amounts up to €1.5m.
Revenues at Tradico AG rose to €22m in 2016.