Business
TRADE X Announces US$10 Million in Equity Funding to Continue Global Expansion
TRADE X Announces US$10 Million in Equity Funding to Continue Global Expansion ...
About this update from Aimia Inc.
[{"type":"text","content":"\n \n \n \n TRADE X Announces US$10 Million in Equity Funding to Continue Global Expansion\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n Additional\n \n US$10 million\n \n equity funding from other strategic investors in a subsequent close to Aimia's\n \n US$35 million\n \n raise completes the company's target funding size of\n \n US$45 million\n \n \n \n \n \n TORONTO\n \n ,\n \n Aug. 30, 2021\n \n /CNW/ --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\n \n July 27, 2021\n \n , 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\n \n US$10 million\n \n , at a\n \n US$250 million\n \n pre-money valuation, is led by a group of new investors, including\n \n EchoVC\n \n ,\n \n Frontier Ventures,\n \n and\n \n Ugrowth\n \n (University Growth Fund).\n \n \n \n \n \n \n \n \n \n As part of this funding round, TRADE X announced in July that it had raised\n \n US$35 million\n \n in equity from its lead investor Aimia Inc. (TSX: AIM), a\n \n Toronto\n \n -based publicly listed holding company. Earlier this year in February, TRADE X closed a transaction for a senior secured revolving line of credit of\n \n US$50 million\n \n , including an accordion to expand up to\n \n US$100 million\n \n . TRADE X will deploy the capital raised for acquisitions and global expansion across\n \n North America\n \n ,\n \n Europe\n \n ,\n \n Asia\n \n ,\n \n Africa\n \n , and the\n \n Middle East\n \n .\n \n \n \"We are humbled by the support that we have received this year from investors who are confident that the market for international trade in pre-owned vehicles is ripe for disruption,\" said\n \n Luciano Butera\n \n , EVP and COO of TRADE X. \"Cross-border trade in pre-owned vehicles was complicated and full of friction before TRADE X: The global automotive industry had no real place to connect, obtain...