Singapore-based startup Trax raising US$100m to value company at US$1.1b, second only to Grab

📆 5/27/2019 10:24 AM
📰 BusinessTimes

⏱ Reading Time:
31 sec. here
2 min. at publisher
📊 Quality Score:
News: 16%
Publisher: 51%

Business News News

Business Business Latest News,Business Business Headlines

[SINGAPORE] Trax, a Singapore-based startup serving the retail industry, is finalizing a deal to raise US$100 million at a pre-money valuation of about US$1.1 billion, a price tag that could make it the second most valuable startup in the city-state. Read more at The Business Times.

Listen to this article

Trax raised US$125 million last year in a round led by Chinese private equity firm Boyu Capital, and Singapore's sovereign wealth fund GIC came on board as a shareholder later. Trax's valuation should now rank only behind ride-hailing giant Grab's among Singapore-based tech startups. In China, Trax will integrate LenzTech's 110 employees, including 60 research and development staff, with its subsidiary there. Boyu Capital, Trax's second-largest shareholder, was instrumental in helping the company negotiate many aspects of the deal, including the price, the CEO said.

Write Comment

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Singapore commercial property investment jumps 72% to US$1.9b in Q1; bucks regional downtrend: RCASINGAPORE escaped the downtrend that caught every other major national Asia Pacific (Apac) real estate market in the first quarter of this year, with commercial real estate investment jumping 72 per cent year-on-year to US$1.9 billion, data released by Real Capital Analytics (RCA) on Tuesday show. Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »