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Trax becomes Singapore’s second unicorn with $100m funding
- Wednesday | 24th July, 2019
SINGAPORE (Reuters) – Warburg Pincus-backed image recognition technology firm Trax, a startup that counts Heineken and Nestle among its clients, said it has raised $100 million in its latest funding round, becoming Singapore’s second unicorn. Chinese private-equity firm Hopu Investments led the financing for the nine-year-old firm, Trax said in a statement. The statement did not mention a valuation, but a source with direct knowledge of the deal said Trax was valued at $1.3 billion after the latest round. Backers of Trax, whose platform helps track products in stores and provides shelf management and analytics, include Boyu Capital, Investec and Singapore sovereign wealth fund GIC. Ahead of Trax’s latest funding, research firm CB Insights named payments and ride-hailing firm Grab as Singapore’s only unicorn, which are startups valued at $1 billion or over.
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