Tradeshift, a supply chain management firm, has announced it intends to work with blockchain after raising $250 million in Series E funding round led by Goldman Sachs and Public Sector Pension Investment Board (PSP Investments), according to a press release published on May 30.
Other members also helped the firm in its funding, including HSBC, H14, and GP Bullhound, which brings Tradeshift’s total funding over $400 million and its total valuation to $1.1 billion.
The new companies join the existing current investors, including American Express Ventures, CreditEase Fintech Investment Fund, Notion Capital, and Santander InnoVentures.
Darren Cohen, the 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.”
In January 2018, the firm launched its Frontiers division in which the funds raised will be used for core strategic initiatives such as an expansion of its services to Europe and Asia, the growth of transacted volume and value across its platform, and investments in new technologies such as Artificial Intelligence (AI) and blockchain technology.
Tradeshift gives access to over 1.5 million enterprises globally supply chain payments and marketplaces, including large companies such as Air France-KLM, DHL, and Fujitsu. The firm now offers services for trade financing, spend and receivables management, lending and payments, and private marketplaces. Tradeshift can now have access to the $9 trillion online payments market.
Christian Lanng, Tradeshift CEO and co-founder, expressed,
“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. We welcome Goldman Sachs and PSP Investments as our newest investors and look forward to their valuable contributions as we enter our next growth phase.”