According to founder and CEO Steven Meade, the company will be looking for corporate partners in addition to traditional VC financing to close the round. He admits, however, that the climate is not conducive to fund raising at the moment. But the honest answer is we will close the funding round as soon as possible. Where the big boys play Corporate trading is essentially a turbocharged version of barter. It is the kind of products and services trading done by Fortune 500 companies, Meade said.
Corporate trading involves multimillion-dollar transactions.
Corporations already engage in trading activities with other corporations, and between internal divisions within a large company. The problem with corporate trades is keeping track of transactions. Most of the work is done manually today with spreadsheets, faxes and e-mails, according to Meade. The 2XChange system enables corporations to automatically track transactions using accepted accounting practices. 2XChange is a closed loop payment system, meaning transactions are handled directly between the buyer and seller.