Business commerce platform Tradeshift has reportedly secured $240 million in equity and debt through its latest funding round. The new investment comes less than two years after Tradeshift raised $250 million through its Series E funding round, which was led by Goldman Sachs and Public Sector Pension Investment Board (PSP Investments).
As previously reported, Tradeshift describes itself as a global collaboration platform that connects buyers, suppliers, and all their processes. The company reported it helps businesses of every size to run more efficiently, using cloud technology to improve processes like AP automation, procurement, supplier management, and working capital optimization.
“Tradeshift drives supply chain innovation for the digitally connected economy. As the leader in supply chain payments and marketplaces, we help buyers and suppliers digitize all their trade transactions, collaborate on every process, and connect with any supply chain app. More than 1.5 million companies across 190 countries trust Tradeshift to process over half a trillion USD in transaction value, making it the largest global business network for buying and selling.”
According to TechCrunch, the latest round of funding means is Tradeshift will effectively be delaying its IPO. Previous investors in the company include Goldman Sachs, the Public Sector Pension Investment Board (PSP Investments), HSBC, H14, GP Bullhound, Gray Swan, a venture company established by Tradeshift’s founders, American Express Ventures, the CreditEase Fintech Investment Fund, Notion Capital, Santander InnoVentures and others. Christian Lanng, CEO of Tradeshift, reportedly stated:
“The additional funding we’ve secured is a testament to the belief the investor community has in our vision and our business model. 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.”
The media outlet added that the funding will be used to help accelerate its growth and, it says, set Tradeshift “on a direct path to profitability in the near future.”