Goldman Sachs heads $250m funding round in Tradeshift
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 – and the firm says its valuation now stands at $1.1 billion.
The new investors join existing backers, including American Express Ventures, CreditEase Fintech Investment Fund, Notion Capital, Santander InnoVentures. Mikkel Hippe Brun, Tradeshift’s GM of China and co-founder, will join Tradeshift’s board of directors.
“Given the rapid increase in B2B online transactions, online marketplaces are no longer just for consumers. Tradeshift has established itself as a leader in supply chain commerce by enabling corporations around the globe to take greater control of their supply chains,” says Darren Cohen, global head of principal strategic investments at Goldman Sachs.
According to Tradeshift, it enables supply chain payments and marketplaces for more than 1.5 million businesses, including brands such as Fujitsu, HSBC, Siemens and Societe Generale.
The funding round will be used for expansion plans in Europe and Asia; growth of transacted volume and value across its platform; and investments into emerging technologies, including blockchain and artificial intelligence (AI) via its Frontiers division, which was launched in January 2018.
Give us a lift
Along with its Frontiers division, Tradeshift has been lifted by a lively year.
Also this month, it launched Tradeshift Pay. The cloud platform will bring together supply chain payments, supply chain finance, and blockchain-based early payments in a single offering.
While back in January, Infosys‘ business process outsourcing (BPO) division teamed up with Tradeshift to enable clients to digitise their supply chain processes.