Tradeshift, a global business-to-business e-marketplace that has expanded its customer reach and services in the past year, is about to expand a lot more, the company says.
Priming its expansion is $75 million in a Series D round of venture capital funding from new and prior investors, Tradeshift said last week. Tradeshift has now raised a total of $174 million in venture capital, according to Crunchbase.
Tradeshift, which says it has more than 800,000 users worldwide, including buyers and sellers among the Fortune 1000, will use the new funding to “serve a wider range of global customers” and expand its services in such areas as supply chain financing, procurement software and online payments, the company says.
The latest funding round was backed by Data Collective, HSBC, American Express Ventures, Notion Capital and CreditEase Fintech Investment Fund. Matt Ocko, co-managing partner and co-founder of Data Collective, which is also known as DCVC, will join Tradeshift’s board of directors.
Tradeshift doesn’t report revenue figures or the gross merchandise value of transactions by buyers and sellers on Tradeshift.com, but it says the value of transactions grew 250% in 2015 over 2014.
The marketplace company’s plans follow a number of improvements Tradeshift says it has completed over the past 12 months, including: introducing Tradeshift Buy, which expanded the range of products buyers on its plan can purchase under spend-management programs; Tradeshift Pay, which lets buyers and sellers exchange electronic purchase orders and invoices, and gives them the option to complete payments through such online payment systems as PayPal and Intuit Payments; and Tradeshift Risk, including information buyers and sellers can use to check the financial viability of new trading partners.
In the past year Tradeshift has also expanded its services in association with such companies as Determine Inc. for software that manages supply chain contracts, and ecoVadis, which provides an online system of rating suppliers for their relationships with customers.
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