Warburg Pincus-backed Trax closes $100m Series D round led by HOPU

Trax co-founders, chief executive officer Joel Bar-El (left) and chief commercial officer Dror Feldheim

Singapore-headquartered retail-focused computer vision and analytics firm Trax has closed a $100-million Series D round led by Asian alternative asset manager HOPU Investments.

The startup is valued at around $1.2-1.3 billion after the latest financing, we have learnt. JP Morgan advised the company on its latest round.

The company did not disclose other details about its latest funding round, which, we understand, was joined by 3-4 existing investors. Trax has raised over $350 million in equity financing to date.

Founded in 2010 by Joel Bar-El and Dror Feldheim, Trax provides computer vision solutions for retailers and brands through computer imaging technology and machine learning. It operates in over 50 countries globally, counting brands like Coca-Cola, Heineken, Nestle and Henkel among its clients.

According to a statement, the fresh capital will be used to drive Trax’s global expansion and accelerate the mass-market deployment of its retail solutions. The investment from HOPU will also help it strengthen its foothold in China, one of the most technologically advanced retail markets in the world.

“Our investment from HOPU will accelerate the development of our footprint in China and globally, and further position our market-ready retailer solutions to be deployed at scale,” said Trax chief commercial officer and co-founder Dror Feldheim. 

China’s retail market has digitalized rapidly in both online and new offline retail concepts. Yet the vast majority of China’s brick and mortar stores remain underserved in-store management, assortment and optimization. Trax’s global leading technology and CPG experience, coupled with its entrepreneurial management team, should allow it to quickly capture this white space,” said HOPU managing director Gunther Hamm.

More capital for acquisitions

Trax also plans to use the fresh funding to finance its acquisitions.

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.