Supply chain payments provider Tradeshift has raised up to $240m in equity and debt in a funding round.
The start-up, which was set up in 2008 with the aim of disrupting the traditional supply chain payments and marketplaces market, said it will use the money to further accelerate the company’s growth.
In 2019, Tradeshift saw revenues grow by more than 60% and 300 closed deals. It counts Fujitsu, HSBC, DHL and Air France-KLM among its 1.5m business clients.
“As a network business, growth is always going to be a key part of our story. But it’s also important that we manage that growth responsibly,” said Christian Lanng, CEO of Tradeshift.
The new capital was raised with backing from a combination of existing and new investors, and more than two-thirds of the round has already closed.
“It’s clear that the investor community has a strong focus on growth combined with profitability and they like our plan,” Lanng said.
“As we reach the next phase in the maturity of our business, our focus for the coming year will be about doubling down in areas where we’re seeing the greatest momentum while continuing to ensure we have the necessary balance in place to fully capitalize on the enormous opportunities in front of us,” he added.
Tradeshift will use the new investment to build on the strong momentum it has seen across its core product lines, including Tradeshift Pay, which was ranked in 2019 as the strongest ePayables SaaS solution in the industry by analyst firm Ardent Partners, and Tradeshift Go, with an additional over 200 new customers signed in 2019.
It will also use the money to help accelerate its large and growing network finance program which provides liquidity to companies in 100+ countries.
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