Munich-based vehicle trading tech startup 2trde raises €2.5 million in seed funding

Munich-based vehicle trading tech startup 2trde raises €2.5 million in seed funding

Munich-based automotive sales technology Startup 2trde has closed a €2.5 million seed financing round led by Israeli automotive VC firm Maniv Mobility.

Maniv is itself backed by a host of car makers and mobility giants, including Alliance Ventures (the strategic investment arm of Renault-Nissan-Mitsubishi), Aptiv, BMW i Ventures, Hyundai Motor Group, LG Electronics, Shell Ventures, and Deutsche Bahn Digital Ventures, the VC arm of the German rail and logistics operator, among others.

With this round, 2trde also got fresh cash from existing investors, including Axel Springer Plug and Play and business angels such as Michael Bergmann, former managing director of Mazda Motors Germany, and Michael Viertler, an automotive sector expert.

Founded in 2017, the startup has developed a range of B2B software solutions that support car dealerships, leasing companies and car makers in their effort to market used cars more efficiently - and profitably.

By using machine learning technology, for instance, the time needed to list used cars for the selling process can be reduced to 5 minutes from the usual 30 minutes, the company claims.

Through the 2trde platform, which already has more than 380 customers, used car sellers are also able to access multiple B2B marketing channels simultaneously and in real time.

Already, over 2,000 vehicles pass through the 2trde platform every month.

Nate Jaret, a principal at Maniv Mobility who has joined the startup's supervisory board, says: "2trde's product range plays a crucial role in digitizing Europe’s B2B used car market, from the largest fleet manager to the smallest independent dealer, and in eliminating costly inefficiencies."

By the end of 2021, 2trde plans to expand into Austria, Spain, France and the Benelux region. The team is expected to grow from 14 to 25 employees by the end of this year.

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