Seattle startup Tred raises $25M to expand its online car marketplace – Puget Sound Business Journal (Seattle)

Seattle-based car marketplace startup Tred has raised a $25 million Series B round.
Founder and CEO Grant Feek said the company currently has about 30 employees, and although he said it’s hard to know exactly how big the company will be in a year, he guessed Tred will double its headcount. He added that Tred has offices with customer-facing employees across the country but hasn’t used corporate office space since the start of the pandemic.
“I personally really like being remote, although it’s not necessarily cheaper because you typically have to conduct off-sites to get everybody together once or twice a year, and those are really expensive,” Feek said. “I’m kind of in the process of evaluating whether or not we’re going to remain remote.”
Before the pandemic, Tred had office space on Capitol Hill next to the Seattle Police Department’s East Precinct. Feek said about six of the company’s employees are in Washington, and one advantage of having a remote work policy is the ability to hire talent nationally. Some of Tred’s customer-facing locations include Los Angeles, Dallas, Miami and Portland.
Tred’s peer-to-peer marketplace allows sellers and buyers to interact directly and bypass dealerships. According to Feek, Tred functions like Craigslist and has multiple layers of fraud tools. The company does vehicle history checks, identity verification and electronic payment collection, and it also offers marketing and pricing support for sellers.
Consumers can also access financing through Tred. Although buyers can buy in any state, sellers can list cars in five states currently: Washington, Oregon, California, Texas and Florida. Tred is testing its services in Illinois.
Vivek Raj at Geneses Investments, Nowlake Technologies and Mike Kraus at CUNA MG all participated in the Series B.
Tred is growing its marketplace as used car prices continue to skyrocket. Feek said peer-to-peer car sales will take up more of the market as consumers become more aware of the model, and the shift could change how people buy and sell cars altogether.
“We see a future in which, instead of people transacting vehicles as infrequently as they transact homes, we believe they’ll be transacting vehicles much faster. Call it every two to three years,” Feek said. “They can just pull out their phone and do it.”
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