Tradeshift
IndustrySoftware
FoundedMay 2010
FounderChristian Lanng, Mikkel Hippe Brun, Gert Sylvest
Headquarters
San Francisco
Number of employees
300+
Websitehttps://tradeshift.com

Tradeshift is a cloud based business network and platform for purchase-to-pay automation, supply chain payments, marketplaces, virtual cards and supply chain financing. Its 2018 round of funding, led by Goldman Sachs, raised US$250 million at a valuation of $1.1 billion, giving the company unicorn status.[1][2] Tradeshift is headquartered in San Francisco, California and has offices in London, Copenhagen, Bucharest and Kuala Lumpur. Tradeshift has reprocessed over $1 trillion USD through transactions on its network.[3]

History

Tradeshift was founded in 2010 by Christian Lanng, Mikkel Hippe Brun, and Gert Sylvest. Inspiration for Tradeshift came after they created the world's first large scale peer-to-peer infrastructure for an e-business called NemHandel. The founders also had leading roles (Governing board member, Technical Director[4]) in the European Commission project PEPPOL inside the European Union.[5]

In 2010, the Tradeshift platform launched in May in Copenhagen. Tradeshift won the European Startup Awards in the category of "Best Business or Enterprise Startup."[6] In 2011, Tradeshift made its app marketplace available.[7]

In 2012, Tradeshift moved their headquarters from Copenhagen to San Francisco.[8] In 2013, Tradeshift opened an R&D center in Suzhou, China.[9] Tradeshift opened an additional office in London.[10] And LATAM e-invoicing capabilities were added through partnership with Invoiceware.[10]

In 2014, Tradeshift expanded with offices in Tokyo,[11] Paris, and Munich.[12] The EU Commission officially approved the Universal Business Language (UBL) data format – a format Tradeshift supports – as eligible for referencing in tenders from public administrations.[13]

In 2015, Tradeshift won the Circulars "Digital Disruptor" Award at the WEF conference in Davos, Switzerland.[14] Tradeshift also acquired product information management company Merchantry, and launched e-procurement and supplier risk management solutions.[15] In 2016, Tradeshift acquired Hyper Travel[16] and secured a $75 million series-D round funding.[17] In 2017, Tradeshift acquired IBX Business Network and launches Tradeshift Ada.[18]

In 2018, Tradeshift secured a $250 million series-E round funding.[19] and launched Blockchain Payments, the latter as part of Tradeshift Pay.[20] In December 2018 Tradeshift acquired Babelway, an online B2B integration platform. The acquisition added three new office locations to Tradeshift (Salt Lake City, Louvain-la-neuve, Belgium, Cairo Egypt).[21] In Q3 2018, Tradeshift reported year-over-year revenue growth of 400%, new bookings growth of 284%, and gross merchandise volume (GMV) growth of 262%. New total contract value also grew by US$47 million. Additionally, it added 27 new customers including Hertz, Shiseido, ECU and multiple Fortune 500 companies.[22]

In July 2023, HSBC and Tradeshift announced an agreement to launch a new, jointly-owned business focused on the development of embedded finance solutions and financial services apps. As part of the agreement, HSBC made a $35 million investment into Tradeshift and joined its board. The agreement was part of a funding round which is expected to raise a minimum of $70 million from HSBC and other investors. The new joint venture will allow HSBC and Tradeshift to deploy a range of digital solutions across Tradeshift and other platforms. This includes payment and fintech services embedded into trade, e-commerce and marketplace experiences.

In September 2023, CEO Lanng was fired for "gross misconduct on multiple grounds," including "allegations of sexual assault and harassment."[23]

Financials

The company's valuation as of May 2018 was $1.1 billion.[24] Tradeshift is now considered a unicorn,[25] and, according to Bloomberg, will not need any further funding.[24]

Jan 14, 2020, Tradeshift announced that they had raised $240 million in Series F finance.[26]

Acquisitions

In 2015, Tradeshift acquired product information management company Merchantry.[15] Merchantry is a retail product information management (PIM) software for multi-vendor ecommerce retailers.

In 2016, Tradeshift acquired Hyper Travel.[16] Hyper Travel is a travel management service that allows customers to access travel agents via its native messaging apps, SMS, and email.

In 2017, Tradeshift acquired IBX Business Network.[18]

In 2018, Tradeshift acquired Babelway, an online B2B integration platform.[27]

References

  1. ↑ "Tradeshift raises $250M Series E, Goldman Sachs joins the round". TechCrunch. Retrieved 2018-11-29.
  2. ↑ "These are the 35 US tech startups that have reached unicorn status in 2018". Business Insider. Retrieved 2018-11-30.
  3. ↑ "Tradeshift Frontiers innovation lab hopes to drive blockchain adoption in the global supply chain". TechCrunch. Retrieved 2018-11-29.
  4. ↑ "Europe's "Facebook" for Government Procurement". www.govtech.com. 23 September 2010. Retrieved 2018-11-29.
  5. ↑ "EU e-procurement agency implements TradeShift ( - Government )". news.idg.no. Retrieved 2018-11-29.
  6. ↑ "TradeShift launches to disrupt an entire financial system – And Morten Lund is advising it". TechCrunch. Retrieved 2018-11-29.
  7. ↑ Corning, Paul. "Tradeshift goes social with business apps | ZDNet". ZDNet. Retrieved 2018-11-29.
  8. ↑ "Keen On… Christian Lanng: Why All Current Business Software Is Crap [TCTV]". TechCrunch. Retrieved 2018-11-29.
  9. ↑ "iBlog". Danmark i Kina. Retrieved 2018-11-29.
  10. 1 2 "Invoiceware and Tradeshift Partner: E-Invoicing Goes Global". Spend Matters. 2013-05-21. Retrieved 2018-11-29.
  11. ↑ "Tradeshift Secures $75M To Expand Its Invoicing Platform Globally". TechCrunch. Retrieved 2018-11-29.
  12. ↑ "Tradeshift Accelerates Global Growth With Office Openings in France, Germany and Japan; Expands Leadership Team With New EMEA & Japan Sales Executives". MarketWatch. Retrieved 2018-11-29.
  13. ↑ "European Commission Approves Referencing of OASIS Universal Business Language (UBL) Standard | OASIS". www.oasis-open.org. 19 November 2014. Retrieved 2018-11-29.
  14. ↑ "Tradeshift wins Circular Economy Digital Disruptor Award". eeiplatform.com. Retrieved 2018-11-29.
  15. 1 2 "Payables News Weekly: Tradeshift Makes $30 Million Acquisition; Basware Appoints UK Managing Director - Payables Place". Payables Place. 2015-08-28. Retrieved 2018-11-29.
  16. 1 2 "Tradeshift acquires Hyper to launch virtual travel assistant for the enterprise". VentureBeat. 2016-06-24. Retrieved 2018-11-29.
  17. ↑ "Tradeshift raises $75M Series D to expand its invoicing platform to new verticals". TechCrunch. Retrieved 2018-11-29.
  18. 1 2 "Tradeshift to Acquire IBX Business Network from Capgemini". Spend Matters. 2017-03-08. Retrieved 2018-11-29.
  19. ↑ "'Oh' Shift: Tradeshift Raises a New $250 Million Warchest". Spend Matters. 2018-06-01. Retrieved 2018-11-29.
  20. ↑ "Afternoon Coffee: Tradeshift Adds 38 New Customers in Second Quarter, Toys R Us Settles with Suppliers". Spend Matters. 2018-07-19. Retrieved 2018-11-29.
  21. ↑ "Tradeshift Acquires Babelway, a Key Innovator of Cloud Integration Technology". 2018-12-18. Retrieved 2018-12-18.
  22. ↑ "Tradeshift Announces Q3 2018 Results". Retrieved 2018-11-29.
  23. ↑ Musumeci, Natalie (2023-12-13). "San Fran tech founder is accused of forcing his assistant into a 'slave contract' that called him 'Master' before trafficking her for sex around the world". Business Insider.
  24. 1 2 Mathis, Will. "Tradeshift Valuation Hits $1.1 Billion After Pre-IPO Fundraising". www.bloomberg.com. Retrieved 2018-11-29.
  25. ↑ "Denmark has a new unicorn after Tradeshift raises $250 million, with Goldman Sachs leading the round". nordic.businessinsider.com. Retrieved 2018-11-29.
  26. ↑ "Tradeshift Inc". 美股之家. 2021-04-19.
  27. ↑ "Tradeshift Buys Babelway: A 'First Take' Analysis". 18 December 2018.
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.