Danish Tradeshift gets $15M – value $137M
Tradeshift (Copenhagen, Denmark) has announced a round of $17 million in funding led by ru-Net and Kite Ventures. The round is also supported by existing investor Notion Capital, which increases its stake in the company. The latest round values Tradeshift at $137m, making this one of the largest investments in a European tech startup this year, while Notion’s increased stake reflects its belief in the growing opportunity.
Based in Moscow, ru-Net and Kite are investors in some of the leading technology and internet companies in Europe. Both represent a new wave of European technology investors that focus on high tech and Internet companies.
Edward Shenderovich, Founder and Managing Director at Kite Ventures said: “Tradeshift is a young company, but has already had notable success with significant uptake amongst small businesses as well as an impressive roster of well-known enterprise customers. The company has created an offering that is clearly very attractive for businesses.”
Whether it is an organization like NHS that processes half a million invoices a year or one of the ten thousand suppliers it deals with, Tradeshift connects businesses of all sizes to help them work collaboratively and better manage tasks such as invoicing and cash flow, powered by the latest social technologies.
The investment will enable Tradeshift to expand operations into new territories early next year and focus on developing the platform’s functionality with an expanding range of complementary products. The most recent of these is Instant Payments, a service that gives Tradeshift users instant and early access to invoiced funds without having to wait for standard payment terms.
Tradeshift is a global startup with the ambition to change the way we do business by allowing organizations to exchange invoices for free. It connects businesses to all their suppliers and customers regardless of company size not only saving time but also ensuring they get paid faster at both ends of the supply chain. The initial driver behind Tradeshift’s foundation was frustration with available solutions and technology, but soon the company’s founders realized that a fundamental shift in the focus of business networks was needed. They aimed to create a new kind of network – one that focused on people and business relationships as well as transactions. Tradeshift also provides Open APIs which allows developers to build their own apps utilizing the UI. This means customers can access and use these apps to extend and improve their business processes.
Christian Lanng: Today’s news proves and accelerates our mission to disrupt the traditional ways of doing business, as well as giving us a secure base from which to further expand and innovate. But we’re not just focused on launching products. With 60,000 companies in nearly 190 countries worldwide already using the platform, we’re committed to building the network and helping organizations shift the way they do business. The investment will fund the acceleration of product development, expansion in North America and further drive large enterprise adoption of our platform.
Tradeshift has international offices in London, Munich, Bern, and Brasilia with customers across 190 countries. Customers include Coop, TDC and the NHS. Tradeshift were awarded Best Enterprise 2010 at The TechCrunch Europe startup awards and currently employ 40 staff covering 15 nationalities.