TradeGecko raises $6.5m Series A round from NSI & Jungle Ventures
DEALSTREETASIA: Singapore-based startup TradeGecko, a B2B web-based inventory and order management software provider for independent brands and their retailers, has raised $6.5 million in a Series A round from local venture capital firms NSI Ventures and Jungle Ventures.
The funds will serve as growth capital for global and product expansion. The company is aiming to establish offices in the United States, Australia and Hong Kong, in addition to new initiatives and partnerships.
Prior to this, the company had raised about $1.2 million in seed funding from four investors in two rounds.
TradeGecko, which was set up in 2012 by three Kiwi entrepreneurs – Carl Thompson and brothers Cameron and Bradley Priest – claims it has experienced over 1100 percent year-on-year (YOY) growth until FY2015, with customers in over 100 countries and having handled transactions worth nearly $1 billion.
Cameron Priest, co-founder and CEO, stated “We’re delighted to partner with a group of experienced and passionate investors who share our vision at TradeGecko of making wholesale buying as effortless as shopping on Amazon.”
TradeGecko functions on the Software as a Service (SaaS) model, offering an integrated online and mobile platform that merchants with cloud-based software for managing their inventory and automating processes, as well as integrating and aggregating accounting, e-commerce and shipping systems into a single solution.
Existing products like Quickbooks, Xero, Shopify, Bigcommerce and ShipStation can be integrated into TradeGecko. This enables the streamlining of business operations, consolidation of systems operating in a silo and the creation of a single source point for inventory and orders.
Amit Anand, managing partner Jungle Ventures, commented “In the last few years, TradeGecko has created wonderfully designed products that have a highly engaged and fast growing customer base across the world. TradeGecko has as a bright future as the leading provider of cloud-based, mobile software for retailers and wholesalers in the ever growing and complex world of global e-Commerce. We are excited to partner with this dynamic team.”
Currently operating with offices in Singapore and Manila and a workforce of 60 professionals, TradeGecko aims to expand to over 200 employees. To accomplish this, they recently hired Nathalie Benzing, former global head of Post-Merger/M&A Integration at Autodesk. She is currently serving in the role of COO.
Commenting on the deal, Shane Chesson, founding partner at NSI Ventures, stated “We feel TradeGecko’s product is a best-in-class supply chain solution for global SMEs. We are pleased to invest in the company to help it manage its rapid network growth and deepen its product through new features and partnerships.”