TradeSquare secures $2.5m in funding ahead of formal launch
Newly launched Australian B2B marketplace TradeSquare secured $2.5 million in funding in the fortnight before it went live late last week.
TradeSquare, created by Einat Sukenik and a team of experienced local entrepreneurs, formally launched on October 1, just four months after the startup was announced. Exclusively for Australian vendors and buyers, the site has already attracted more than 1000 business registrations and boasts a product range spanning 200+ brands and several thousands SKUs.
Sukenik saw a gap in the market for a local sourcing platform where companies could trade wholesale goods – whether business supplies or stock for retail stores. With trade shows and exhibitions on indefinite hold since the outbreak of Covid-19, and sales calls similarly affected, TradeSquare aims to fill the gap by allowing companies to search for goods from the comfort of their office or home, at any time of the day or night they wish.
“Our goal is to be the Australian version of Alibaba, only with the elimination of challenging communication, overseas taxes, hidden customs fees and products not arriving on time,” said Sukenik. “Our sellers are Australian, therefore you receive stock with GST and it’s available here and now, which is a massive advantage for retailers with supply chain issues needing a top up.”
Categories as of launch date include home, garden, health, beauty, furniture, accessories, electronics, toys, books, stationary, gifts and homewares.
TradeSquare offers a single streamlined credit-application process allowing businesses to purchase from any of the vendors on the site – who can accept one-off and small orders buyers because their credit has already been approved by the site.
And buying local not only helps buyers support Australian companies, it takes away an element of guess work.
“When buyers deal with overseas wholesaling platforms, they are limited by slow order fulfilment and a lack of product inspiration options,” says Sukenik. “Australian buyers told us they are wanting to transact instantly, which is not viable when liaising with overseas sellers.”