Tradeshift

Last updated
Tradeshift
Industry Software
FoundedMay 2010
FounderChristian Lanng, Mikkel Hippe Brun, Gert Sylvest
Headquarters
San Francisco
Number of employees
300+
Website https://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]

Contents

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.[ buzzword ] [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." Tradeshift was alleged to have fired his accuser after she complained to the company's human resources department, its co-founders and members of its board of directors about his abuse. [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]

Related Research Articles

OutSystems is a Low-code development platform which provides tools for companies to develop, deploy and manage omnichannel enterprise applications.

<span class="mw-page-title-main">Canva</span> Online graphic design platform

Canva is an online graphic design app for creating social media graphics and presentations.

<span class="mw-page-title-main">Stripe, Inc.</span> Irish-American payment technology company

Stripe, Inc. is an Irish-American multinational financial services and software as a service (SaaS) company dual-headquartered in South San Francisco, California, United States and Dublin, Ireland. The company primarily offers payment-processing software and application programming interfaces for e-commerce websites and mobile applications.

<span class="mw-page-title-main">Stripes (growth equity firm)</span>

Stripes is a private equity and venture capital firm based in Manhattan, New York, founded in 2008. In 2023, Stripes has US$6.5 billion of assets under management and more than 80 investments. Notable investments include On Running and Monday.com.

<span class="mw-page-title-main">Symphony Communication</span>

Symphony is an instant messaging service designed for use by financial firms. It offers features such as encryption, group messaging, the ability to share rich content, and support for third-party plugins. Symphony is developed by Symphony Communication Services.

Snowflake Inc. is a cloud computing–based data cloud company based in Bozeman, Montana. It was founded in July 2012 and was publicly launched in October 2014 after two years in stealth mode.

<span class="mw-page-title-main">Bolt (company)</span> Peer-to-peer ridesharing, food delivery

Bolt is an Estonian mobility company that offers ride-hailing, micromobility rental, food and grocery delivery, and carsharing services. The company is headquartered in Tallinn and operates in over 500 cities in more than 45 countries in Europe, Africa, Western Asia and Latin America. The company has more than 150 million customers and more than 3 million driver and courier partners. The company has plans for an initial public offering in 2025.

Instabase is a technology company headquartered in San Francisco. The company provides an Applied AI platform that can be used to understand any content such as documents, files, databases, etc., and build workflows to automate business processes.

Airtable is a cloud collaboration service headquartered in San Francisco. It was founded in 2012 by Howie Liu, Andrew Ofstad, and Emmett Nicholas.

<span class="mw-page-title-main">Plaid Inc.</span> Financial technology company

Plaid is a financial services company based in San Francisco, California. The company builds a data transfer network that powers fintech and digital finance products.

<span class="mw-page-title-main">Vinted</span> Lithuanian online used clothing marketplace


Vinted, UAB Group, commonly known as Vinted is a Lithuanian online marketplace for buying, selling and exchanging new or secondhand items, mainly clothing and accessories.

Gupshup is an American messaging platform for businesses to communicate in. With primary operations in India, United States, Europe, Latin America, Africa, Middle East and South East Asia, it is owned and operated by Webaroo Inc.

Byju's is an Indian multinational educational technology company, headquartered in Bangalore. It was founded in 2011 by Byju Raveendran and Divya Gokulnath. As of January 2024, Byju's was valued at $1 billion, a sharp fall from $22 billion (2022). As of April 2023, the company claims to have over 150 million registered students.

Monday.com is a cloud-based platform that allows users to create their own applications and project management software. The product was launched in 2014 and in July 2019, the company raised $150 million, based on a $1.9 billion valuation. The company went public in June 2021 and is based in Tel Aviv, Israel.

Swiggy is an Indian online food ordering and delivery platform. Founded in 2014, Swiggy is headquartered in Bangalore and operates in more than 500 Indian cities as of September 2021. Besides food delivery, the platform also provides on-demand grocery deliveries under the name Instamart, and same-day package delivery service called Swiggy Genie.

<span class="mw-page-title-main">TravelPerk</span> Spanish travel management company

TravelPerk is a travel management company that provides companies with a variety of travel and expense management services. The company is headquartered in Barcelona, with business hubs in London, Birmingham, Edinburgh, Berlin, Chicago, Boston, and Miami. The company raised $409 million at the end of its Series D funding round in 2022, achieving unicorn status and a valuation of over $1 billion.

Viva Republica Inc. is a South Korean technology company active in lending, payment services, financial services and stock brokerage. It is the operator of the financial super-app Toss, which had over 20 million users in South Korea in 2021. With a valuation of $7.4 billion, it was one of the most valuable unicorns in South Korea.

<span class="mw-page-title-main">Branch (company)</span> Mobile software company

Branch is a mobile software company focused on mobile deep linking and attribution. The headquarters of the Branch is located in Palo Alto, California.

Hopper, Inc. is a travel booking app and online travel marketplace that sells flights, hotels, rental cars, and short-term rentals. The company is headquartered in Montreal, Canada and Boston, Massachusetts.

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 page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.