Trade X Group of Companies Inc., a Toronto, Canada-based B2B automotive trading platform, raised $10M in equity funding.
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).
The round was led by EchoVC, Frontier Ventures, and Ugrowth.
As part of this funding round, Trade X announced in July that it had raised US$35m in equity from its lead investor Aimia Inc. (TSX: AIM), a Toronto-based publicly listed holding company. Earlier this year in February, the company closed a transaction for a senior secured revolving line of credit of US$50m, including an accordion to expand up to US$100m.
The company intends to use the funds for acquisitions and global expansion across North America, Europe, Asia, Africa, and the Middle East.
Led by Founder and CEO Ryan Davidson and Luciano Butera, EVP and COO, Trade X provides a 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. It simplifies the process of buying and selling pre-owned vehicles internationally, handling all processes, procedures and documentation to ensure each transaction is compliant, insured, and monitored from start to finish. Users can search for and request specific vehicles, view global pricing analytics, post vehicles for sale, assess economic viability, leverage arbitrage opportunities, obtain trade financing and transact in the currency of their choice.
Trade X handles all quality checks, international payments, transport, logistics, retitling, engaging registered importers, homologation, customs clearance, and speedometer conversion across borders, effectively eliminating each complicated step that was previously the responsibility of the buyer to handle manually.
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 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 an app available 24/7 via mobile, tablet, or desktop.