TradeGecko.com has closed $650,000 USD in its seed round of funding led by incubator/seed investment firm WaveMaker Labs. Other Singapore-based investors including Golden Gate Ventures are participating in the round.
The funding will allow TradeGecko to integrate its cloud based inventory and order management system with other SaaS applications such as Xero, Shopify and Vend which are already used by TradeGecko’s SME clients.
Cameron Priest, CEO of TradeGecko, said: “This is a huge milestone for us as a company. Not only does it give us the resources we need to offer an end to end solution but it also gives us access to the insight, experience and connections of a great group of investors as we roll out worldwide.”
This seed round was sixty percent oversubscribed. This gave the Tradegecko team the ability to structure its share register with investors who could add the most strategic value but it also presented a challenge to offer each the role they desired. Ultimately, WaveMaker Labs led the round.
Paul Santos, Managing Partner at WaveMaker Labs, said: “We are excited to include TradeGecko as part of our portfolio. We see tremendous potential here in Asia-Pacific for business-to-business applications like TradeGecko. The team has the talent and the drive to really make TradeGecko a global success.”
The three founders of TradeGecko, Carl Thompson and brothers Cameron and Bradley Priest, completed the JFDI-Innov8 2012 bootcamp program in May 2012. Thompson’s presentation at the program’s demo day attracted a lot of interest, in part because the team had been so thorough in mapping out the problem they were trying to solve, based on direct experience.
Carl Thompson, Co-founder of Tradegecko, said: “The pain I experienced running a fashion label is what got us started. We talked to around 200 potential customers before we started coding to make sure we really understood what the market wanted. We used Lean Startup and Agile methods to evolve TradeGecko iteratively. We have come a long way since we started the JFDI.Asia program and we could not have done it without the mentors, partners and friends who helped us along the way.”
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TradeGecko Pte Ltd
TradeGecko was founded by three entrepreneurs from New Zealand in January 2012. It makes Inventory and Sales management easy for small- and medium-sized businesses. TradeGecko was selected for, and accelerated through, the JFDI-Innov8 2012 Bootcamp program, where its team received intensive mentoring and the business attracted substantial investor interest. TradeGecko was launched to the public on the 10th October 2012 and since then there has been around 200 trial accounts opened from 26 different countries.
WaveMaker Labs is an Approved Technology Incubator under the Singaporean government’s National Research Foundation (NRF). WaveMaker aims to catalyze the formation of many value-creating technology businesses right at the heart of Southeast Asia’s 600 million consumers and the 2 billion more in nearby India and China. WaveMaker is sponsored by US-based Siemer Ventures and supported by Siemer & Associates. This unique cross-border network enables WaveMaker to support its startups throughout their life cycle from incubation to follow on funding to exit.
Golden Gate Ventures
Golden Gate Ventures operates a seed investment program for digital start-up companies that have already launched a product and achieved market traction. With offices in Singapore and San Francisco, Golden Gate Ventures brings access to regional and international mentors, invitations to networking events across the region, and access to an active investor network across Silicon Valley and Asia. Since March 2012, Golden Gate Ventures has been accredited as a Technology Incubation Scheme (TIS) incubator by Singapore’s National Research Foundation.