Trade X: Raises $10M in Equity Funding

Trade X Raises $10M in Equity Funding

• 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
• The round was led by EchoVC, Frontier Ventures, and Ugrowth
• TradeX 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