On a mission to become Europe’s leading B2B platform for used vehicles, 2trde has just driven off with €7 million. The extended seed funding saw participation from Adevinta Ventures and Aster Capital, along with existing investor Maniv Mobility.
Founded in 2017, 2trde has developed a range of software solutions that support different mobility providers like car dealerships, leasing companies or car manufacturers in their effort to remarket used cars more efficiently and profitably. By using machine learning technology, for example, the time needed to list used cars for the selling process can be reduced from the usual 30 minutes to 5 minutes. Through 2trde ́s unique aggregated bidding technology, used car sellers are able to access multiple B2B marketing channels simultaneously and in real-time, enabling them to maximize reach and competition to achieve optimized sales results.
The Munich-based company is primed to take advantage of the booming used-vehicle market in Europe. In the course of the pandemic, the global shortage of semiconductors, stalled the production of many carmakers, causing the European car industry to experience a record drop in new registrations over the past two years. Also, the leasing market has come under pressure in the aftermath of the pandemic. As many employees are still preferring home offices, fewer leased cars are needed, which is why dealers are expecting a huge wave of second-hand vehicles in the next 6-12 months.
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.”
Although the industry has experienced a great wave of digitalisation and has seen the emergence of many new market players, almost two-thirds of all dealers still market their vehicles via analogue B2B channels and also rely on Excel, pen and paper to manage their business. Manual management, especially of listings on various auction platforms, is particularly time-consuming. Enter 2trde – disrupting the sector with innovation.
Johannes Stoffel, CEO and founder of 2trd commented: “We are delighted to have secured Adevinta Ventures as a new investor who will accelerate our growth with its expertise in online marketplaces. With the fresh capital, we will focus even more on our rapid international expansion.”
2trde’s technology has a positive impact on both manufacturers and dealers as well as end customers. By optimizing the residual values of used cars, leasing rates can be offere at more attractive conditions and suppliers can position themselves more competitively. At the same time, 2trde streamlines the trade-in process of used cars at car dealerships, which leads to a more convenient customer experience.