Tradeshift closes $75 million in strategic growth funding
25 February 2014 | 1010 views | 0
Tradeshift, the fastest growing platform helping hundreds of thousands of businesses connect, collaborate and transact announced it has raised $75 million in its Series C funding from Singapore's Scentan Ventures - a team consisting of internet entrepreneurs, digital, and finance veterans.
This round brings Tradeshift's funding to a total of $112 million, and will help drive its global expansion in the US, Europe and now Asia with investments made to fuel sales, marketing and applications development.
The funding will also jump start efforts in Japan, where the new partnership with Scentan Ventures will bring local expertise and build the applications ecosystem for the Tradeshift platform in Asia. Tradeshift will also open offices in Tokyo.
The partnership provides Scentan Ventures exclusive product development, sales, marketing and service rights to the Tradeshift platform throughout Japan. Scentan Ventures' Managing Director, Noriaki Okubo, will join Tradeshift's board. Tradeshift, which connects more than 500,000 companies around the world with their supply chains to facilitate business transactions, has previously secured funding from worldwide investors such as Notion Capital, Ru-net, Kite Ventures, Intuit and PayPal, and opened offices in Suzhou, China in 2013, to develop localized products for Chinese suppliers.
"It is in the DNA of our company to do things organically and on a global scale, from developing software to developing our business," said Tradeshift CEO and Co-founder, Christian Lanng. "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 the planet on one shared 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."
"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," commented Scentan Ventures' Managing Director, Noriaki Okubo. "The fact that a successful business model in one country cannot simply be replicated in another is a realization too often overlooked and Tradeshift understands this. Our partnership brings together Tradeshift's revolutionary platform and business network with Scentan Ventures extensive experience with global business."
As global markets expand, and the need for cross border trade capabilities increases, enterprises are quickly looking to bring their suppliers online to create transparency and support collaboration in the trading process. As one of the world's strongest economies, Japan represents one of the largest opportunities for B2B in domestic and international supply chains. Tradeshift, which is free for suppliers, boasts high levels of adoption and promotes the free flow of information between parties. Its open application development platform supports any number of current business transaction processes and future proofs to ensure scalability.