Tradeshift Announces Q2 2018 Results
Highlights include 38 new enterprise customers in the quarter, new annual booking growth of 315%, and $250 million in Series E funding
SAN FRANCISCO, July 19, 2018 – Tradeshift, the leader in supply chain payments and marketplaces, today announced results from the second quarter of 2018, showing significant momentum across the company. Tradeshift’s second quarter growth stats announced today include:
YoY new bookings grew 315%
YoY gross merchandise volume (GMV) grew 350%
Largest deal in the quarter was $18.6M
Tradeshift’s customer roster showed remarkable growth this quarter, adding 38 new customers, including several Fortune 500 companies such as one of the world’s leading innovators in materials science, the endurance challenge event leader, and the world’s leading platform for clinical development, commercial and real-world data analytics.
“It’s amazing to see our strategy work across all areas of our business,” said Christian Lanng, CEO and co-founder of Tradeshift. “We took a big bet that the industry was ready for innovation, and we’re proud that some of the largest companies in the world are now part of the momentum we’re seeing across every single metric that matters to us. From number of customers and average revenue per customer to total bookings and product execution, all credit goes to our customers who believe, our talented team, and the many app partners adding value to the Tradeshift platform every day.”
As previously announced in Q2:
$250 million was raised in a Series E funding round led by Goldman Sachs and Public Sector Pension Investment Board (PSP Investments). Additional participation comes from HSBC, H14, GP Bullhound, and Gray Swan, a new venture company established by Tradeshift’s founders. The new round of financing brings Tradeshift’s total funding to more than $400 million. Company valuation is now at $1.1 billion.
HSBC, Santander and other major banks partnered with newly launched end to end payments solution – Tradeshift Pay. The launch was followed up with the announcement of six major product updates, including funder-agnostic early payment, the use of AI for accelerating the AP process and blockchain-based financing technology.
Gartner positioned Tradeshift in the Visionaries quadrant of the Gartner Magic Quadrant for Procure-to-Pay Suites. 1 Tradeshift believes that Gartner placed them in the Visionaries quadrant based on Tradeshift’s disruptive multi-tier network PaaS approach, the use of an AI layer — Tradeshift Ada — supplier matching and invoice-to-PO mapping, and its growing global client base.
Gartner Disclaimer Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner’s research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose. 1 Gartner “Magic Quadrant for Procure-to-Pay Suites” Desere Edwards, William McNeill, Magnus Bergfors, Patrick M. Connaughton, Kaitlynn N. Sommers, 29 May 2018. About Tradeshift Tradeshift drives supply chain innovation for the digitally connected economy. As the leader in supply chain payments and marketplaces, the company helps buyers and suppliers digitize all their trade transactions, collaborate on every process, and connect with any supply chain app. More than 1.5 million companies across 190 countries trust Tradeshift to process over half a trillion USD in transaction value, making it the largest global business network for buying and selling. Discover commerce for all at tradeshift.com Tradeshift Press Contact Dave Pedersen email@example.com