traide secures seven-figure funding to optimize customs processes for businesses using AI

Berlin, 29.08.2023 - The Berlin AI startup traide has secured a seven-figure funding from the High-Tech Gründerfonds (HTGF) as lead investor, Smart Infrastructure Ventures, Prequel Ventures, and renowned angel investors including the founders of Taxdoo and Byrd. The funds will be used for further development and scaling of the AI-based SaaS solution that assists companies of all sizes and industries in automating their customs-related processes.

traide is bringing fresh perspectives to the realm of customs compliance with its solution. While the market has so far received little attention, over 720,000 companies in Germany are affected. The previously common manual handling of customs formalities is often faulty, causes bureaucratic effort, financial losses for companies, and hinders meaningful and economic scaling of these processes, which can lead to a significant competitive disadvantage in international trade. 

traide was founded in 2021 with the goal of optimizing customs processes and thereby making international trade more efficient and secure for businesses. Its SaaS tool uses the globally standardized customs tariff and implements the most advanced AI models to translate individual product information of companies into the necessary customs data. This allows traide to create an automated and secure customs declaration that was previously done manually.

The startup began in the incubator program of Code University, with its first premises located in Factory Berlin. Within this ecosystem, the founding team, consisting of Leonie Althaus, Philipp Friebertshäuser, and Hendrik Niemann, could access a valuable network, mentoring, and the support of initial business angels.

Even before the seed investment, the team of traide was able to attract reputable customers and partners who successfully use the software. With the new funding round, the company now plans to further expand its technology and advance market entry. 

“This funding round is a significant step in our mission to revolutionize the customs industry through AI,” says Leonie Althaus, CEO and Co-Founder of traide. “With the support of our investors, we can further develop our platform and offer companies a more efficient and reliable way to fulfill their customs obligations.”

Dr. Maurice Kügler, Senior Investment Manager at HTGF: “The B2B SaaS platform of traide impressively demonstrates the potential of AI for the massively under-digitized customs sector, which also suffers from a significant skills shortage. The traide team is advancing with enormous speed to help companies achieve efficient and automated customs processes with their product. We are thrilled to now be part of this mission.”

About traide 

The Berlin-based startup traide was founded in 2021 by Leonie Althaus, Philipp Friebertshäuser, and Hendrik Niemann. The team relies on the latest cloud and AI technologies to support companies in complying with their customs obligations and automating their customs processes. The company's SaaS solution processes product master data as well as purchasing and order transactions and is suitable for companies of all sizes and sectors.
Further information about traide can be found at: www.traide.ai 

About the High-Tech Gründerfonds

The seed investor High-Tech Gründerfonds (HTGF) finances technology startups with growth potential and has supported more than 700 startups since 2005. With the start of the fourth fund, HTGF has approximately 1.4 billion euros under management. The team of experienced investment managers and startup experts supports young companies with expertise, entrepreneurial spirit, and passion. The focus is on high-tech startups from the fields of Digital Tech, Industrial Tech, Life Sciences, Chemistry, and adjacent business areas. External investors have invested around 5 billion euros in more than 2,000 follow-on financing rounds in the HTGF portfolio. Furthermore, the fund has already successfully sold stakes in more than 170 companies. 

The fund investors of the public-private partnership include the Federal Ministry for Economic Affairs and Climate Action, KfW Capital, and 45 companies from various industries.

www.htgf.de

Press Contact:
Leonie Althaus 
traide AI GmbH 
Torstraße 92 10119 Berlin
017660124327
althaus@traide.ai 

 
Tobias Jacob
High-Tech Gründerfonds Management GmbH
Senior Marketing & Communications Manager
+49 228 82300 121
t.jacob@htgf.de