Tradeshift, a Danish company providing supply chain payment and marketplace solutions, announced on Wednesday it had collected $250 million in a Series E funding round. US-based banking giant Goldman Sachs (NYSE:GS) and Public Sector Pension Investment Board (PSP Investments) led the fundraising initiative.
The investor group included HSBC, GP Bullhound, H14, and Gray Swan, the last one being a new venture group set up by Tradeshift’s founders.
Following the latest funding round, Tradeshift has raised over $400 million from investors and reached a valuation of about $1.1 billion. It plans to use the capital to invest in emerging technologies like blockchain and artificial intelligence (AI) and to support its expansion in Europe and Asia.
Tradeshift was founded in 2010 and currently employs more than 300 people, maintaining offices in San Francisco, New York, London, Copenhagen, Paris, Amsterdam, Munich, Tokyo, Sydney, and Suzhou. Its solutions are used by more than 1.5 million companies across the world, among them corporate behemoths such as HSBC, Air France-KLM, Societe Generale (PA:SOGN), DHL, and Fujitsu. Its ecosystem opens the door to alternative solutions in trade financing, lending and payments, and private marketplaces, among others.
Tradeshift CEO Christian Lanng commented on the financing round:
“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. This investment will enable us to continue our rapid growth and consolidate our leadership position.”
Recently, the cloud-based business network showed interest in innovative technologies like blockchain and AI. In January this year, Tradeshift launched a new division called Frontiers, which leverages blockchain, Internet of Things (IoT), and AI to transform the supply chain and B2B commerce. A substantial portion of the fresh funds will be invested through the new division.
Last week, Tradeshift presented two blockchain-based apps – Tradeshift Pay and Tradeshift Cash. The first platform is designed to help companies connect supply chain payments and finance in a single wallet, thus making it easier to handle and optimize working capital. Tradeshift Cash leverages blockchain for real-time early payments for micro, small and medium-sized enterprises (MSMEs).
HSBC executive Vinay Mendonca stated after the funding round:
“Our partnership with Tradeshift allows us to provide fully digitized and automated working capital propositions across the entire supply chain ecosystem, supported by the breadth and depth of our global network.”
Goldman Sachs has previously shown interest in companies that bet on blockchain. Last year, it invested in Digital Asset Holdings, one of the fastest-growing blockchain companies.
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