Trade shift, a supply chain payments, and marketplaces announced Wednesday (May 30) that it had raised $250 million in Series E funding round.
The Series E funding round was led by Goldman Sachs and the Public Sector Pension Investment Board (PSP Investments). HSBC, H14, GP Bullhound, and Gray Swan, a new venture company established by Tradeshift’s founders, also joined the funding. This new round of financing brings Tradeshift’s total funding to more than $400 million and now has a valuation of $1.1 billion.
Reportedly, the company said the funding will be used to push expansion in Europe and Asia, and strategic investments into emerging technologies, including blockchain and artificial intelligence (AI) via its new Frontiers division
“Given the rapid increase in B2B online transactions, online marketplaces are no longer just for consumers,” Darren Cohen, global head of principal strategic investments at Goldman Sachs commented adding that “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.”
Tradeshift CEO and co-founder Christian Lanng said in a statement: “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.”
Earlier this month, Tradeshift unveiled Tradeshift Pay, a unified cloud-based supply chain payments and finance solution that can be integrated with blockchain technology. Tradeshift Pay will bring supply chain payments, supply chain finance, and blockchain early payments together into one unified, end-to-end solution.