US-based supply chain management firm Tradeshift has become the latest unicorn in the Blockchain startup ecosystem after completing a $250 million Series E funding round led by Goldman Sachs and PSP Investments.
Tradeshift, a provider of supply chain payment solutions for 1.5 mln businesses and enterprise firms such as Air France-KLM, DHL, Fujitsu, HSBC, Siemens, Societe Generale, Unilever and Volvo, launched the Blockchain-based cloud platform for payments called Tradeshift Pay earlier this month.
Tradeshift Pay reduces the average paid time from 30-45 days to a few days, helping to address the $9 tln liquidity problem, the company said in its blog post.
The company’s series E funding round puts Tradeshift's total funding at more than $400 mln and a valuation of $1.1 bln.
The new funding will be used to continue global expansion in Europe and Asia and strategic investments into blockchain- and artificial intelligence-based technologies led by its Frontiers division, the company says.
Tradeshift CEO and co-founder Christian Lanng stated in a press 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."
The firm’s new investors HSBC, H14, GP Bullhound and Gray Swan, will join American Express Ventures, CreditEase Fintech Investment Fund, Notion Capital and Santander InnoVentures from preceding rounds.
Mikkel Hippe Brun, Tradeshift’s GM of China and co-Founder, will join Tradeshift’s Board of Directors.