TradeSquare leaves Aussie market, sets sights on US
When TradeSquare launched in October 2020, the main aim was to create a B2B marketplace to support digital transformation and capabilities of (small) businesses. When Covid hit Australia, it only amplified this need even more and accelerated the mission and vision of the company.
Unfortunately, market conditions have shifted and made it no longer viable for the digital marketplace to continue.
“Our vision at TradeSquare was to make a positive contribution to the community, by bringing wholesalers and retailers together in a digital B2B marketplace,” a statement on the company’s website read.
“However, due to the current state of the market, we are no longer accepting new orders.”
The B2B marketplace grew quickly after its launch and by the end of 2021 had 1,000 suppliers with more than 150,000 SKUs and more than 10,000 registered buyers. TradeSquare also partnered with the Australian Gift and Homewares Association (AGHA) and in 2022 it secured $28 million in funding from US investment firm Tiger Global.
“This investment will allow us to scale in a very significant way and build upon our rapidly growing business proposition and model, our use of smart technology and the strong executive team that we have put together,” said TradeSquare co-founder, Nati Harpaz, at the time.
Napaz’s co-founder, Einat Sukenik, added “the funds allow us to keep the focus on creating an exceptional B2B experience both for Australia’s retailers and wholesalers through smart technology”.
However, it seems the US might be better suited for the digital marketplace, which will undergo a rebrand before officially entering the US market.