Entrade(s) $30M For Private Equity

Business-to-business e-commerce incubator Entrade Inc. recently raised $30 million through a private placement of 30,000 shares of preferred stock, according to a Securities and Exchange Commission filing.

HFTP Investment LLC and Leonardo LP each purchased $10 million of the Series A convertible preferred shares, while Fisher Capital Ltd. and Wingate Capital Ltd. purchased $6.5 million and $3.5 million, respectively.

The preferred stock matures in two years and carries an annual dividend of 6% that is payable in cash or common stock. The investors also received warrants to purchase an aggregate of 400,000 shares of common stock at $41.375 per share.

J.C. Bradford & Co. acted as placement agent on the transaction.

Proceeds have been slated to fund the buildout of the issuer’s e-commerce Web sites.

Entrade recently announced the launch of Truckcenter.com, a joint venture with Associates First Capital Corp., focusing on the sale of trucks and related services. Some other e-commerce destinations powered by the company’s technology are AssetControl.com, TradeTextile.com, utiliparts.com and printeralliance.com.

The issuer is based in Northfield, Ill., and reported 1999 revenues of $4.54 million resulting in a net loss of $19.3 million.