Wednesday 15th January, 2020
Tradeshift has announced a funding round of $240 million in equity and debt from a combination of existing and new investors.
The funding will be used to help accelerate growth and fuel strong momentum across its core product lines, including ePayables SaaS solution Tradeshift Pay and Tradeshift Go, with an additional over 200 new customers signed in 2019.
The company has experienced more than 2 years of strong growth in quarterly revenue and recorded its best-ever year in 2019. The company’s revenue growth was more than 60% last year and over 300 enterprise deals were closed. Over 40% of the total cumulative transaction volume across its platform took place last year..
The funding will be used for accelerating its large and growing network finance program, providing much needed liquidity to companies in 100+ countries.
“It’s clear that the investor community has a strong focus on growth combined with profitability and they like our plan,” said Christian Lanng, CEO of Tradeshift. “As a network business, growthis always going to be a key part of our story. But it’s also important that we manage that growth responsibly.”
Tradeshift’s drive towards profitability will also include a rigorous focus on cost control measures and restructuring global cost to take better advantage of Tradeshift’s global shared services and partners. An important part of this process will be to ensure that sufficient resources are allocated to high performing areas of the business.