Deals
Singapore Startup Trax Raising Funds at $1.1 Billion Value
- The new capital will be used to finance three acquisitions
- Startup is aiming for an IPO in the next 18 to 24 months
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Trax, a Singapore-based startup serving the retail industry, is finalizing a deal to raise $100 million at a pre-money valuation of about $1.1 billion, a price tag that could make it the second most valuable startup in the city-state.
The company is talking with a few private equity firms and the new funding round is expected to close by the end of June, Chief Executive Officer Joel Bar-El said in an interview ahead of a conference at Singapore Exchange Ltd. Monday. Trax raised $125 million last year in a round led by Chinese private equity firm Boyu Capital, and Singapore’s GIC Pte 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.