Danish-based Tradeshift manages an online network that enables users to send, receive and manage electronic invoices. Launched in 2010, the business operates in 180 countries and has more than 50,000 registered users with growth forecast at more than 60 per cent each month this year.
The fundraising comes at the same time Tradeshift announces major contract wins with organisations including the UK’s NHS, French government procurement operator Adetef, Coop and DSV. Tradeshift has already taken on seed funding from PayPal, a subsidiary of eBay, who are a technology partner for the company. The business has offices in the UK, Germany, Switzerland and Brazil.
Tradeshift’s web-based technology aims to address inefficiencies in invoicing by enabling suppliers and customers to communicate through an online social network for free without any integration requirements. It can be used immediately to send, receive and manage invoices, purchase orders and credit notes electronically.
Later this month Tradeshift will launch an ‘Apps Store’ that offers a range of business-friendly applications and, in the future, the business plans to provide a range of additional web-based financial services for organisations.
Jos and Ben White founded Notion Capital in 1999 after the duo exited business security services provider MessageLabs for $700 million. Christian Lanng, chief executive and co-founder of Tradeshift, says the success of MessageLabs was the reason his businesses accepted the investment from Notion Capital.
Lanng explains, ‘We’re focused on building Tradeshift into a global business and feel positive about being able to draw on the experience of a team that have done it before.’
Stephen Chandler, managing partner at Notion Capital, adds, ‘Tradeshift is undoubtedly one of the most exciting businesses we’ve come across since setting up Notion in 2009. Tradeshift is led by a team who are real subject matter experts in their field, extremely strong both technically and commercially and have a very clear vision of where they want to take the business – it has the potential to become the de facto business social network for B2B communications and processes.’