GIC-backed Trax secures US$640m in Series E funding led by Softbank Vision Fund 2 and BlackRock

RETAIL analytics firm Trax has secured US$640 million in a Series E financing round led by Softbank Vision Fund 2 and existing investor BlackRock Inc, the company said late on Wednesday.

This round of primary and secondary capital saw participation from new investors including the Ontario Municipal Employees Retirement System (OMERS), a Canadian pension fund, and Sony Innovation Fund by Innovation Growth Ventures.

The tech unicorn, backed by Singapore's GIC and based in the Republic, declined to comment on how much of the fresh funds was a direct investment in the company.

Trax specialises in cloud technology and artificial intelligence to help consumer-packaged goods companies and grocery retailers to digitalise their operations, allowing them to make timely, data-driven decisions, the company said.

Joel Bar-El, executive chairman and co-founder of Trax, said the company made "tremendous strides" despite the turbulence of 2020, with its solutions now helping to address the needs of retailers as they adjust to shifts in consumer behaviour.

Trax chief executive Justin Behar added: "Through this significant investment from SoftBank, BlackRock and others, we will invest in our team, extend our market leadership, continue to scale our retailer business, and drive the next stages of long-term growth and innovation."