Tradeshift, a startup that helps companies simplify and improve their expensing systems with external contract partners, simply put a “social network” that connects suppliers and companies, has raised 75$ million (over 620 million SEK) in series D round, according to TechCrunch.
Founded in Copenhagen in 2010 and currently based in San-Francisco, Tradeshift has in total raised over 200$ million from investors like PayPal, Intuit and Singapore’s Scentan Ventures. The current round is led by Data Collective (DCVC), with participation from HSBC, American Express Ventures, CreditEase, Pavilion Capita and existing baker Notion Capital. According to the Wall Street Journal the deal is valued at over 500$ million (over 4 billion SEK).
The funding will be used to finance a push into new verticals, such as trade financing, spend and receivables management, lending and payments, and grow in other global geographies. Notably, Tradeshift’s previos geographical expanssion in China and Japan was extremally successful, as it led to acquisition of 10 new customers just in the first quarter.
In the interview with CNBC Christian Lanng, Tradeshift’s CEO, has also revieled future plans for IPO.
“I think it has recently become very fashionable in Silicon Valley to say you don’t want to IPO, I believe there are lots of really good merits in IPO-ing. I won’t put a timeline on it. But we definitely moving to be IPO-ready in the next couple of years and I think it’s healthy for a company to do,” Lanng told CNBC.
Presently Tradeshift has a base of up to 800 000 users among its customer. Among the most notable clients are Danish government and UK national health service along with dozens of Fortune 500 clients. The company also revealed that the volume of transactions made on its platform grew 250 percent year-on-year between 2014 and 2015. It was also hinted that this year Tradeshift is going for $50 million (over 400 million SEK) in annual (company) revenue.