Tradeshift Plans Blockchain Push After $250 Million Funding
Supply chain management firm Tradeshift has announced plans to further expand into blockchain following a $250 million Series E funding round led by Goldman Sachs and PSP Investments.
The round, which also saw HSBC, H14 and others participate, brings Tradeshift’s total funding to more than $400 million and values the firm at $1.1 billion, according to a press release.
The investment will be used for growth initiatives, including strategic investments into emerging technologies like blockchain and artificial intelligence, as well as further expansion in Europe and Asia. The new technologies will be taken forward by its Frontiers division, launched in January.
While the release doesn’t make explicit Tradeshift’s additional plans for blockchain, the firm launched a B2B payments service called Tradeshift Pay just last week. The cloud-based platform offers supply chain payments, supply chain finance and blockchain-based early payments, the company indicates.
The firm also joined the Linux foundation-backed Hyperledger blockchain consortium in October of last year, saying the move was part of a desire to explore open blockchain technologies in order to accelerate innovation in B2B commerce.
Tradeshift CEO and co-founder Christian Lanng said in the release: “We have always believed that the future of supply chains is 100 percent digital and that connecting trade is just the first step to a digitally connected economy. This investment will enable us to continue our rapid growth and consolidate our leadership position.”
Dollars image via Shutterstock