Amsterdam-based Tradesnest BV, a B2B SaaS platform that connects brands with distributors and retailers worldwide, announced that it has received a convertible loan from the Innovation Fund Noord-Holland. The funding amount remains undisclosed.
The investment was also co-financed by Rabobank and Atomico Angel investor Joyce Mackenzie Liu.
The company says the proceeds will help it to test and validate its ‘Proof-of-Concept’ technology for manufacturers, distributors and retailers within the consumer electronics market, enabling them to scale up into new markets.
About Noord-Holland Innovation Fund
The Fund is an initiative of the Province of Noord-Holland, the University of Amsterdam, the Amsterdam University of Applied Sciences, Amsterdam UMC, and Sanquin, with support from the EU through the European Regional Development Fund.
In response to the Covid-19 pandemic, EU government leaders decided to set up an “EU Next Generation” recovery programme. Part of this is the REACT EU programme, through which the EU is driving a green, digital and resilient recovery of the regional economy. The Innovation Fund has also received funds from the REACT EU fund.
The Fund supports entrepreneurs in the Province of North Holland by financing innovation in the ‘Proof-of-Concept’ phase and provides convertible loans.
Wouter Keij, director of the Noord-Holland Innovation Fund, says, “Tradesnest’s solution can remove major barriers to new innovations. The platform does not inhibit the growth of startup companies and innovations, but rather stimulates them.”
B2B platform that connects brands with retailers and distributors
Founded in 2020 by Nancy Shenouda and Pierre Ouellette, Tradesnest is a platform that brings together consumer electronics brands, distributors and national retailers. It helps companies expand internationally by connecting them with the ‘right’ business partners in their target market.
Co-founder Nancy Shenouda says, “During my career, I have worked for several international brands, large and small. With the smaller brands I experienced how difficult, time-consuming and expensive it is to get the attention of the right partners. They often don’t have the connections or the budget and the time to scour dozens of trade shows each year, looking for that one partner who can help scale their product and enter new markets. This greatly inhibits growth. It is also difficult the other way around, because how do you know as a distributor whether you are dealing with a high-quality product and a reliable producer? On our platform, we facilitate both and bring them into contact with each other.”
The company’s platform helps brands expand and increase their sales, without a huge investment of time and money. Consumer electronics brands and manufacturers can search for distributors globally via a personal dashboard to get access to detailed information about possible partners.