SEATTLE--(BUSINESS WIRE)--TRED, the online peer-to-peer car marketplace, announced today a $25 million Series B funding round to expand its products, locations, partnerships, and team of engineers. This funding round comes from new and existing investors including Vivek Raj at Geneses Capital Management, Ian Anderson at Westlake Financial, and Mike Kraus at CMFG Ventures.
TRED aims to make the buying and selling process simpler and faster for consumers. Its services include car buying and selling, auto financing, vehicle protection, vehicle value reports, fraud protection with TRED Escrow, and Guaranteed Asset Protection (GAP). TRED’s consumers can schedule test drives, engage with sellers to ask questions, pay online with financing from TRED, and pick up the car or have it delivered, all without ever setting foot in a car dealership or DMV.
“This funding will allow TRED to invest in its products, expand its locations and services throughout the country, and further develop its partnerships,” said Grant Feek, CEO of TRED. “TRED is revolutionizing the online used car marketplace, and we look forward to continued growth and success through this significant backing.”
Since launching in 2012, TRED has also expanded from its headquarters in Seattle and now has locations in Los Angeles, Portland, San Francisco, Dallas, Houston, Austin, San Antonio, Miami, Tampa Bay, Orlando, Jacksonville, and Chicago.
“Westlake Financial has been a terrific lending partner for TRED car buyers over the past couple of years, and we're extremely excited to further develop this relationship,” said Feek. “We’re also extremely excited to have the support of CMFG Ventures, the venture capital arm of CUNA Mutual Group, which helps connects credit unions to the fintech industry. Credit union members have always made up a disproportionately large percentage of TRED buyers and sellers, and we look forward to further developing the product to support these members.”
TRED is a used car marketplace and licensed dealership that is designed to save car buyers and sellers money by connecting them directly to their counterparty. Sellers control the selling price while TRED takes care of marketing and transacting their car (and facilitating loan repayment if they have one). Buyers are offered assurances of quality such as a CarFax vehicle history, a 150-point buyer's inspection, a first in class online financing platform, vehicle service contracts and GAP coverage. Founded in 2012, TRED is seed funded by Chris Sacca, Rick Wagoner and Great Oaks Venture Capital. For more information, please visit: https://www.tred.com/