Other9 July 2024

Trustap secures $5.5m in funding led by TX Ventures to expand its marketplace platform

The round was led by TX Ventures with participation from several new and existing investors.

$5.5MOther

≈ £4.3M at $1 = £0.7820 on 9 Jul 2024

Trustap provides a marketplace transaction platform that acts as the merchant of record to manage end-to-end payments, logistics, and customer support. The system incorporates escrow-style payment protection to facilitate secure transactions across consumer and business platforms.

Trustap, a marketplace transaction platform based in Ireland, has raised $5.5m in a funding round led by TX Ventures. The capital injection also drew participation from new backers SeedX, Partners Resolute, and Aperture, alongside existing shareholders MiddleGame Ventures, ACT VC, Atlantic Bridge, and FurthrVC.

The company intends to direct the proceeds towards platform enhancements and product development to support its growing network of commercial partnerships. Trustap operates across consumer and business marketplaces by functioning as the merchant of record and handling escrow-style payments.

The firm currently maintains partnerships across 27 countries, servicing platforms such as Mudah, Preloved, and Student Seats. Founder and CEO Conor Lyden noted plans to scale the business globally and capture greater market share following the investment.

Investor perspective

"Our view is that within the near-mid term, marketplaces will have to offer trusted payment solutions otherwise they will miss out on new business. Trustap, by providing escrow-like payment options and by lifting the operational burden off the shoulders of marketplaces, offers just that. The product is immensely scalable which is proven by the global presence of clients and the numerous categories Trustap facilitates among buyers and sellers."

Krzysztof Bialkowski

Managing Partner, TX Ventures