Thursday 9th June, 2016
Tradeshift has announced that new and existing investors have joined the company’s $75 million Series D funding, including venture capital firm and round leader Data Collective (DCVC) as well as other big names such as HSBC. Matt Ocko, co-Managing Partner and co-founder of DCVC, will join Tradeshift’s board of directors.
The company saw a 250% growth in transacted value year over year (2014 vs. 2015) on its business network of over 800,000 users, with dozens of customers being Fortune 1000. The company processes billions of dollars per month in supply chain transactions across more than 190 countries.
The new funding fuels Tradeshift’s growing application, platform and business-to-business marketplace ecosystem development. Tradeshift plans to use the funding to serve a wider range of global customers as it expands further into trade financing, spend and receivables management, lending and payments. It will also invest more resources to boost user adoption and facilitate rapid growth as it scales its sales, product and engineering operations.
"Tradeshift continues to attract interest and investment because of our unique approach,” said Tradeshift CEO and Co-Founder, Christian Lanng. “Tradeshift has built an open business network on a scalable cloud-first platform that is extensible by third-party apps. Customers, partners, and investors want to get behind our bold vision because of the huge wins ahead for customers engaged in digital transformation."
This funding follows a number of initiatives that have propelled Tradeshift’s advancement of the global procure-to-pay category over the past 12 months.
Lanng said that being backed by large financial institutions gives Tradeshift access to a larger customer base. Banks like HSBC are able to get access to data such as invoice payments by companies that could help them assess the risk profile of a potential borrower before lending them money, not something historically that they were able to do.
Tradeshift is now reported to be worth in the region of $600 million.