Supply chain finance and marketplace provider Tradeshift has today announced a $250m (£188m) Series E funding round, led by Goldman Sachs and PSP Investments, and raising its company valuation to $1.1bn, making it a unicorn for the first time.
Additional new participation came from HSBC, H14, GP Bullhound and Gray Swan, a nascent venture company established by Tradeshift’s founders. Existing backers include American Express Ventures, CreditEase’s Fintech Investment Fund, Santander InnoVentures and the UK-based Notion Capital among others.
“Modernising trade and supply chain solutions is a strategic priority for HSBC,” said Vinay Mendonca, the bank’s global head of product and propositions in trade and receivables finance. “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.”
Launched in Denmark in 2010, Tradeshift enables supply chain payments and marketplaces for more than 1.5m businesses across 190 countries, including large enterprise brands such as Air France-KLM, Siemens, DHL, and Unilever.
According to the fintech, the funding will be used for core strategic initiatives, primarily the continued expansion in Europe and Asia. Additionally some money will be earmarked for strategic investments into emerging tech via its new Frontiers division, including blockchain and artificial intelligence.
“We are very happy with this validation of our vision,” said Tradeshift CEO and Co-Founder Christian Lanng. “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.”