- Tradeshift, a leader in supply chain payments and marketplaces, announced recently that it raised $240 million
Tradeshift, a leader in supply chain payments and marketplaces, announced recently that it raised $240 million in equity and debt from a combination of existing and new investors with more than two-thirds already closed.
This round of funding will help drive growth. And it will set the company on a direct path to profitability in the near future. Tradeshift has reported over 2 years of strong growth in quarterly revenue and recorded its best-ever year in 2019, including over 60% revenue growth and more than 300 enterprise deals closed (average deal size was doubled). Plus the company saw more than 40% of the total cumulative transaction volume across its platform came in the past 12 months.
With the additional funding, Tradeshift plans to further fuel strong momentum across core product lines, including Tradeshift Pay and Tradeshift Go. Plus the funding will be used for accelerating its large and growing network finance program and provide much-needed liquidity to companies in over 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 we reach the next phase in the maturity of our business, our focus for the coming year will be about doubling down in areas where we’re seeing the greatest momentum while continuing to ensure we have the necessary balance in place to fully capitalize on the enormous opportunities in front of us.”
Tradeshift’s goal of achieving profitability will also include a rigorous focus on cost control measures and restructuring global cost to take better advantage of its global shared services and partners. And an important part of this process will be ensuring that sufficient resources are allocated to high performing areas of the business.
