FinTech firm becomes unicorn after $250m round
Tradeshift, a cloud-based business network for supply chain payments and marketplaces, is raising $250 million in a funding round led by Goldman Sachs and PSP Investments.
The global FinTech firm, which operates from 15 global offices including a UK base in London, says the new round of financing pushes its valuation to $1.1 billion.
Tradeshift 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.
"We are very happy with this validation of our vision," said co-founder and CEO Christian Lanng.
"We have always believed that the future of supply chains is 100 per cent digital and that connecting trade is just the first step to a digitally connected economy."
The Series E round also included participation from HSBC, H14, GP Bullhound and Gray Swan, a new venture company established by Tradeshift's founders.
The new investors join existing backers including HSBC, American Express Ventures, the CreditEase Fintech Investment Fund, Notion Capital, Santander InnoVentures and others.
"This investment will enable us to continue our rapid growth and consolidate our leadership position," Lanng added.
"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."
Darren Cohen, global head of principal strategic investments at Goldman Sachs, said: "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."
The funding round will be used for core strategic initiatives, including continued global expansion of Tradeshift in Europe and Asia; growth of transacted volume and value across its platform; and strategic investments into emerging technologies, including blockchain and artificial intelligence via its Frontiers division, which was launched in January 2018.