New investment will help fund the company’s international growth, and support product development and talent acquisition
2trde, the B2B platform for used car trading, has announced the close of its €7 million funding round led by new investors Adevinta Ventures, and Aster Capital. Previous investor Maniv Mobility, a global financier of early-stage automotive and mobility startups, also participated in this funding round, increasing its previous investment in the company.
Founded in 2017, 2trde provides software solutions for mobility providers such as car dealerships, leasing companies, and manufacturers, helping to increase efficiency in the secondary market for used cars and driving greater profitability. The company uses several innovations to provide solutions such as machine learning, which helps reduce the average time needed to list used cars from 30 minutes to 5 minutes, and aggregated bidding technology, a unique way that enables used car sellers to maximize their reach and sales through simultaneous access to multiple B2B marketing channels.
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During the Covid 19 pandemic, the global shortage of semiconductors stalled production of many carmakers, causing a record drop in registrations across the European car industry. The market for new and leased cars has further reduced, driven by several factors such as employees continuing to work from home, rising demand for electric vehicles and the growth of the subscription vehicle market. With a wave of additional second-hand vehicle sales expected over the 12 months as a result, better digitization and new innovative solutions are needed to enable car dealerships to efficiently manage the increase in sales volume.
2trde’s inventive and highly scalable software provides a solution that will help streamline the used car market, using technology to help facilitate sales. 2trde’s solutions will also help to simplify the trade-in process at used car dealerships, leading to a more convenient customer experience. By doing this, the company can supercharge the entire car B2B value chain, bringing greater transparency, efficiency, and profitability to the market.
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Johannes Stoffel, CEO and founder of 2trde said: “We are delighted to welcome Adevinta Ventures as a new investor and strategic partner as we embark on this next phase of our growth. The experience and sector knowledge of the Adevinta Ventures team will enable us to build on our strong foundations and accelerate our online and international growth plans.”
Jordi Iserte, Investment Director at Adevinta Ventures commented: “The mobility sector has evolved rapidly in recent years and we are confident about the opportunity that this has presented in the B2B space. 2trde’s solutions will play a critical role in supporting dealers to digitize the B2B used car sales market. We are excited about partnering with 2trde, and look forward to working with Johannes and his experienced management team to help them realize their growth ambitions.”
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