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Second exit in Aura Venture Fund I
Aura Group is pleased to announce the sale of its portfolio company TradeGecko to US business and financial software company, Intuit.
The exit is the second trade sale within the Aura Venture Fund I portfolio which has an average holding period of fewer than two years. This is expected to generate an IRR of >24.5% upon completion.
TradeGecko provides inventory and order management software to small retailers and wholesalers across 100 countries. Around the time of sale, the company was said to be processing over USD 5 billion in gross merchandise value and to have hit profitability. The USD 80m transaction was inked in early August 2020 and will allow TradeGecko to benefit from the 7 million small and medium enterprise (SME) customers through its integration with Intuit-developed accounting platform QuickBooks’ suite of financial, payment, reporting and accounting tools.
The TradeGecko sale is said to mark one of the largest exits in South East Asia since the COVID-19 outbreak.
“We are extremely proud of Cameron and the team in their ability to pivot from their IPO plans during a weakening market and demonstrate financial discipline during this period. We have always believed a logical trade sale partner would be an SME accounting software firm. To achieve a trade sale in uncertain times validates the value proposition of the product and our original thesis,” said Eric Chan, Managing Partner of Aura Group.
The investment into TradeGecko’s 2018 Series B round was led by the Australian-based Aura Venture Fund I and Singapore-based TNB Aura Fund I. The investment teams of both funds are in the process of launching the second series of their respective funds with the first closes scheduled for the last quarter of this year.
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