Singapore startup Trax CEO Joel Bar-El (left) and Dror Feldheim.
SINGAPORE: Trax, a Singapore-based startup serving the retail industry, is finalising a deal to raise US$100mil at a pre-money valuation of about US$1.1bil, 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 yesterday.
Trax raised US$125mil 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.
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