Tradeshift’s $75 Million Series D Round Attracts New and Existing Investors to Accelerate Company’s Global Expansion and Platform Development
Tradeshift today 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), HSBC, American Express Ventures, Notion Capital, CreditEase Fintech Investment Fund, managed by CreditEase, and Pavilion Capital. Matt Ocko, co-Managing Partner and co-founder of DCVC, will join Tradeshift’s board of directors.
Tradeshift, which saw 250% growth in transacted value year over year (2014 vs. 2015) on its business network, serves over 800,000 users and counts dozens of the Fortune 1000 as customers. 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 will 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, including:
- Broadened capabilities to help companies buy, pay, as well as manage supplier risk
- New customers within the Fortune 1000, including Zurich Insurance Group, NHS SBS, LinkedIn, SAPA, RWE, Eberspächer Group, Tech Data, SUEZ, a major customer in the entertainment industry, one of the world’s largest fashion retailers, and Veolia – a joint customer with Xerox Business Services
- The rapid adoption of small-and-medium-sized businesses on the Tradeshift platform, expanding the total user base to over 800,000
- Strategic partnerships with Microsoft, Xerox Business Services, and China-based Baiwang
- Over 400% growth in supplier accounts as a result of Tradeshift’s superior onboarding methodology, which is 12x faster than the industry average
Quote sheet: Investor spokespersons comment on Tradeshift’s series D funding
According to Matt Ocko, “Tradeshift’s momentum stood out to us because it was powered by a large technology advantage, a key criteria for our investments. Tradeshift’s deep engineering for global scale transaction volume, machine learning for seamless invoice processing, fraud prevention, and 360-degree mobile workforce enablement, are the very things that enable the high-speed, risk-free solution deployments powering its global growth and its customers’ success. Tradeshift is delivering a painless transition to higher agility and transparency that businesses need globally as they make a push toward greater digitization.”
American Express Ventures
“Our corporate clients, and particularly those in the middle market, are looking for digital-first ways to better manage their businesses,” said Harshul Sanghi, Managing Partner, American Express Ventures. “Tradeshift has developed an agile and intuitive platform for supplier management and has true potential to address a variety of other business needs, all within one elegant solution.”
“Tradeshift has developed a smart supply chain solution that integrates seamlessly with multiple platforms,” said Stuart Tait, Global Head of Trade and Receivables Finance for HSBC. “We look forward to developing our collaboration with them on the back of this investment; learning from each other and bringing the benefits of digital transformation to our customers.”
“CreditEase Fintech Investment Fund aims to support category leaders within the global fintech space. The trade finance and business process innovation that Tradeshift is bringing to China is a remarkable competitive advantage,” said CreditEase Founder and CEO Tang Ning. “We look forward to supporting their effort to strengthen relationships between buyers and suppliers in China.”
Founded in 2010, Tradeshift is the world’s largest business commerce platform that connects buyers and sellers. Tradeshift connects over 1.5 million companies across 190 countries, is on track to process over half a trillion USD in transaction value, and has a marketplace containing 28 million SKUs. It offers solutions for procure to pay, supplier engagement and financial services, and enables companies and partners to build custom or commercial apps on its business commerce platform. Tradeshift is headquartered in San Francisco, with offices in Copenhagen, New York, London, Paris, Suzhou, Tokyo, Munich, Frankfurt, Sydney, Bucharest, Oslo, Stockholm, and Kuala Lumpur.