Online invoicing and payments start-up Tradeshift closes $75m Series C round from Singapore’s Scentan Ventures
Backing of London and San Francisco-based supply-chain “innovator” to fund global expansion
Digital invoicing start-up Tradeshift has announced it has raised $75m in a Series C round from Singapore venture capital from Scentan Ventures, bringing its total funding to date to $112m.
Launched in 2010, Tradeshift operates a platform, free for suppliers, which looks to connect companies with their supply chains by providing business tools and invoicing solutions, and works with over 500,000 firms across 190 countries including DHL, the National Health Service (NHS), and the French government.
With offices in London, San Francisco, Copenhagan, China and Tokyo, it plans to use the latest investment to build upon its global presence and drive expansion in the US, Europe and Asia, and open offices in Toyko.
As part of the deal, Tradeshift has granted Scentan Ventures exclusive product development, sales, marketing and service rights to build the Tradeshift platform throughout Japan.
Scentan Ventures’ managing director, Noriaki Okubo, will also join the company’s board.
Announcing the news on its blog yesterday, Tradeshift CEO and co-founder Christian Lanng said: “There are a lot of smiles at the Tradeshift offices this morning.
“Tradeshift is taking one giant step forward toward expanding our global footprint and our mission of connecting every business on the planet […]
“It’s an announcement we’ve been very excited to make. In fact, going into the last weeks of finalising the deal I vowed not to shave my beard until all was said and done. Perhaps the smiles in the office are due to the much needed clean shave I’m sporting today.”
Discussing the decision to go with Scentan, Lanng continued: “We spent a lot of time determining who the best partner would be to move Tradeshift to the next level, not just with regard to our funding, but also our global expansion strategy.
“Scentan Ventures has a clear understanding of our vision, and is aligned with our ambition to connect every business on one shared, open platform. Couple this with Japan’s appetite for change and innovation, and their ranking as the world’s third largest economy, and the decision was made easy.”
Scentan Ventures’ Okubo added:
“Tradeshift’s approach to solving the problems facing global trade is visionary and inspiring. This is just what Scentan Ventures looks for in our partners, and more importantly, is the type of innovation the Japanese market needs.”