Tradeshift Raises $250M USD To Invest In Blockchain Technologybr>
Business commerce platform Tradeshift has raised $250 million in a Series E funding round. The round was led by Goldman Sachs and the Public Sector Pension Investment Board (PSP Investments). HSBC, H14, GP Bullhound, and Gray Swan, a new venture company established by Tradeshift’s founders, also joined the funding round.
Founded in 2010, Tradeshift is a business commerce platform that connects buyers and sellers. It offers solutions for procurers to pay, supplier engagement, and financial services, and enables companies and partners to build custom or commercial apps on its platform. It enables supply chain payments and marketplaces for more than 1.5 million businesses globally, including large enterprise brands such as Air France-KLM, DHL, Fujitsu, HSBC, Siemens, Societe Generale, Unilever, and Volvo.
The new round of financing brings company’s total funding to more than $400 million and gives it a $1.1 billion valuation. The company said the funding will be used to push expansion in Europe and Asia, and strategic investments into emerging technologies, including blockchain and artificial intelligence (AI) via its new Frontiers division.
“Given the rapid increase in B2B online transactions, online marketplaces are no longer just for consumers,” said Darren Cohen, Global Head of Principal Strategic Investments at Goldman Sachs. “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.”
“We have always believed that the future of supply chains is 100 percent digital and that connecting trade is just the first step to a digitally connected economy,” said Tradeshift CEO and Co-Founder Christian Lanng. “This investment will enable us to continue our rapid growth and consolidate our leadership position. We welcome Goldman Sachs and PSP Investments as our newest investors and look forward to their valuable contributions as we enter our next growth phase.”
Earlier this month, Tradeshift launched a unified cloud-based supply chain payments and finance solution that is compatible with blockchain technology. Called Tradeshift Pay, the new product will bring supply chain payments, supply chain finance, and blockchain early payments together into one unified end-to-end solution.