Online used-car marketplace TRED secures $25M Series B

Online peer-to-peer used-car marketplace TRED has landed $25 million in Series B funding that it plans to use for expanding its products, locations, partnerships and engineer team. 

Participating in the round were new and existing inventors. That group included Vivek Raj of Geneses Capital Management, Westlake Financial’s Ian Anderson and CMFG Ventures’ Mike Kraus.

“This funding will allow TRED to invest in its products, expand its locations and services throughout the country, and further develop its partnerships,” TRED chief executive officer Grant Feek said in a news release. “TRED is revolutionizing the online used car marketplace, and we look forward to continued growth and success through this significant backing.”

TRED is headquartered in Seattle and launched there in 2012. Its current markets include:  Los Angeles; Portland, Ore; San Francisco; Dallas; Houston; Austin, Texas; San Antonio; Miami; Tampa Bay; Orlando; Jacksonville, Fla.; 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.”