Singaporean-based inventory management startup TradeGecko has announced a $6.5-million round of Series A financing led by NSI Ventures and Jungle Ventures. The funding is raised by Singapore-based venture capital firm NSI Ventures, which has been looking forward to fund local companies.
Startup TradeGecko offers the important inventory management function to small and mid-sized businesses (SMBs). The company has a clients in around 90 countries and claims it has supported to process nearly $1 billion in transactions. The company’s cloud-based software that is accessible on desktop computer and mobile devices integrates with accounting, shipping and other e-commerce platforms like Quickbooks, Xero, Shopify, Bigcommerce and ShipStation. The software platform is meant for B2C retailers and B2B wholesalers. The revenue by the startup customers range from $1 million to $30 million per year, though it may go up to $95 million.
The new fund will help the company to widen the business further in its competitive product and technology. “B2B or wholesale is still stuck in 2001,” said Cameron Priest, co-founder of TradeGecko. “Excel spreadsheets, paper purchase orders, faxes and clumsy, expensive software.” The company wants to take this ‘not-so-cool’ sector and make it simple for the business owners to use as it is for a consumer to shop on Amazon.
To simplify, TradeGecko does not want to create the wholesale market itself instead it wants to enable all the back office functionality that makes it quick and simple for a customer to click a ‘buy’ button to confirm the stock and purchase. The complexities around this process is quite serious as many organizations sell on a omnichannel basis. If a company sells through retail, mail order and wholesale, it is difficult to keep track of inventory levels accurately. This is where TradeGecko comes handy with their integration software. TradeGecko is filling an important hole in the market place.
TradeGecko will soon be opening up app store for the inclusion of the new applications such as marketplaces, CRM, accounting, warehouse management software and so on. The company with 60 employees hopes to grow to over 200 employees. Also, it is looking to leave its footprint in USA, Australia and Hong Kong. Though the founders had doubts about starting in Singapore but then decided to go with it. Now they are really happy and thankful for the decision they took. “We realized we can be a big, global company from Singapore, not just a big Singapore company,” Priest says.