Australian online wholesale market startup TradeSquare has secured $28 million in funding from investment firm Tiger Global, according to published reports.
“This investment will allow us to expand in a very significant way and build on our rapidly growing business proposal and model, our use of smart technology, and the strong executive team we have built,” said co-founder Nati Harpaz, citing co-founder Nati Harpaz. Wednesday (January 19) in retail.
Tiger Global has also invested in the consumer market Catch, where Harpaz was CEO before its sale in 2019.
As we noted at the time of its launch in 2020, TradeSquare gives small and medium businesses access to more than 150,000 offers from more than 1,000 suppliers in one place, along with discounted wholesale prices and lower order quantities.
Founder and CEO Inat Soknik said the company’s mission is to give smaller Australian businesses the ability to quickly and easily receive the products they need from a single digital platform, so they can devote more time to helping customers.
Read more: TradeSquare offers marketplace for Australian businesses with Mirakl
Unlike consumer platforms, TradeSquare is only open to businesses, nonprofits, and government organizations. As Inside Retail noted, the company’s business model arrived just as well when COVID closed trade shows and limited the number of in-person sales calls.
“The old way of bringing wholesalers and retailers together was trade fairs or overseas buying trips, but it has disappeared during Covid,” Sukenik said. “You can think of TradeSquare as a 24/7 digital trade fair – allowing retailers to easily discover and order wholesale products, and giving wholesalers access to retailers across Australia.”
Sukenik said her company is key to making the Australian economy “fairer and healthier” by giving small businesses the tools to easily discover and order wholesale products.
“Yesterday, a gift and homeware store in Dubbo placed an order from 11 wholesalers in one cart, with one invoice and 60-day credit terms,” she said. “This is a game-changing factor, especially as Covid continues to restrict retail activity.”