Tradeshift, a Denmark-based invoicing network for businesses, has raised $75m in a series C, growth funding round from Singapore-based venture capital investor Scentan Ventures, with whom it has also signed a strategic partnership.
This round brings Tradeshift’s funding to a total of $112 million, and will be used to help drive its global expansion in the US, Europe and now Asia. Tradeshift previously raised $10m from accounting software provider Intuit in January 2013, and $17m at a reported $137m valuation in October 2011, from Notion Capital, Ru-Net and Kite Ventures; in May 2011, Tradeshift raised $7m from venture capital firm Notion Capital, having previously had been seeded by online auction company Ebay’s PayPal payments platform.
Tradeshift CEO and co-founder, Christian Lanng, revealed in his blog that “going into the last weeks of finalizing 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.”
Lanng said: “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 its ranking as the world’s third largest economy, and the decision was made easy.”
Noriaki Okubo, Scentan Ventures’ managing director, said: “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. 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.”