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The latest funding will be used towards Tradeshift’s growth initiatives along with strategic investments in blockchain and artificial intelligence.
Tradeshift – the popular Supply Chain management firm has managed to add $250 million to its pool after the Series E funding round led by Goldman Sachs and Public Sector Pension Investment Board (PSP Investments). In its official press release, Tradeshift announced that till now the company has managed to raise $400 million with the company valuations now soaring to $1.1 billion.
The latest funding round saw additional participation coming from HSBC, H14, GP Bullhound and Gray Swan, who have joined the list of existing backers like American Express Ventures, the CreditEase Fintech Investment Fund, Notion Capital, Santander InnoVentures and others.
While commenting after the latest funding round, 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 latest investment of $250 in the company will be used for different growth initiatives as well as for making strategic investments in emerging technologies like artificial intelligence and blockchain. The inclusion of new emerging technologies in the company’s existing operation will be seen over by the newly launched Frontiers division. The funds will also be used in expanding the company operations in different parts of Europe and Asia.
Tradeshift CEO and co-founder Christian Lanng said in the press release:
““We are very happy with this validation of our vision. 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.”
Vinay Mendonca, Global Head of Product and Propositions, Global Trade & Receivables Finance at HSBC said,
“Modernising trade and supply chain solutions is a strategic priority for HSBC. We are investing heavily to enable simpler, better and faster experiences for clients. Our partnership with Tradeshift allows us to provide fully digitised and automated working capital propositions across the entire supply chain ecosystem, supported by the breadth and depth of our global network. We are really excited to offer our clients a full range of integrated propositions across the financing and payments spectrum.”
More than 1.5 million businesses globally are aligned with Tradeshift’s supply chain payments and marketplaces which also includes some large enterprise brands like Air France-KLM, DHL, Fujitsu, HSBC, Siemens, Societe Generale, Unilever, and Volvo.
Last week, Tradeshift also launched a new B2B payment service called Tradeshift Pay which is basically a cloud-based platform and offers supply chain payments, supply chain finance and blockchain-based early payments, the company indicates. Last year in October 2017, the firm has also joined Hyperledger blockchain consortium backed by Linux foundation while saying that this move will help the company to explore blockchain technologies and accelerate innovation in B2B commerce.