TRADE X completes US$10 million in equity funding to continue global expansion
Torys acted as counsel to EchoVC with a team that included Konata Lake, Marko Trivun, Brook Wong and Ana Ioanas (corporate/M&A).
On August 30, 2021, Trade X Group of Companies Inc. (TRADE X), a global B2B automotive trading platform, 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).
As part of this funding round, TRADE X announced in July that it raised US$35 million in equity from its lead investor Aimia Inc., a Toronto-based publicly listed holding company. Earlier this year in February, TRADE X closed a transaction for a senior secured revolving line of credit of US$50 million, including an accordion to expand up to US$100 million. TRADE X will deploy the capital raised for acquisitions and global expansion across North America, Europe, Asia, Africa, and the Middle East.
Further information can be found on Canada Newswire’s website.
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.