TradeSquare, an Australian B2B marketplace that received huge backing has announced it is no longer taking orders as of this week.
Launched in 2020, TradeSquare is a wholesale B2B marketplace that promised to transform the relationship between wholesalers and small business.
Founded by former Catch CEO Nati Harpaz, and Upwise co-founder Einat Sukenik, TradeSquare was created to help Australian retailers overcome the challenges of COVID. Backed by Zip founder Larry Diamond, Catch co-founders Hezi and Gabby Leibovich, former Catch chairman Gary Levin, Marley Spoon co-founder Daniel Jarosch and APG & Co chief Martin Matthews, and $28 million in funding from US investment firm Tiger Global, TradeSquare was poised to be Australia’s leading B2B marketplace. It quickly took off, by the end of 2021, just one year into operation, the marketplace already had attracted 1,000 suppliers, 150,000 unique products and 10,000 registered buyers.
In a statement posted on the company website, TradeSquare has announced “due to the current state of the market, we are no longer accepting new orders.” The statement read: “thank you for your business. Our vision at TradeSquare was to make a positive contribution to the community, by bringing wholesalers and retailers together in a digital B2B marketplace.”
Inside Retail spoke to TradeSquare’s co-founders, who confirmed the company has shifted direction, pulling out of the Australian market and is set to target North America. “We identified where the best opportunities will be in the future, and we have developed an evolved business model in a new category, targeted at North America,” Sukenik told Inside Retail. “the economy has slowed, and the supply chain from wholesalers to retailers that was rocked through the pandemic has not truly recovered.” The pair confirmed that they have already undertaken beta testing in the United States under a new brand and website, with further details to come.
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