Electronic invoicing business Tradeshift has accepted an investment of $17 million (£10.6 million) from Russian venture capital firms ru-Net and Kite Ventures as the business eyes further expansion across the Atlantic.
Electronic invoicing business Tradeshift has accepted an investment of $17 million (£10.6 million) from Russian venture capital firms ru-Net and Kite Ventures as the business eyes further expansion across the Atlantic.
Existing investor Notion Capital also increased its stake in the company during the financing round, which values the business at $137 million, according to a statement from the business.
Tradeshift is a UK-based limited company with offices in Copenhagen, London, San Francisco, Paris, Frankfurt and Amsterdam. It will use the investment to accelerate product development, enter new territories early next year, including into North America, and increase market shifts, particularly among larger corporations.
Tradeshift manages an online network that enables users to send, receive and manage electronic invoices. Launched in 2010, the business operates in 190 countries and has more than 60,000 registered users.
Its 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.
Based in Moscow, ru-Net and Kite invest in technology and internet companies in Europe.
Christian Lanng, chief executive and co-founder at Tradeshift, comments, ‘Today’s news proves and accelerates Tradeshift’s mission to disrupt the traditional ways of doing business, as well as giving us a secure base from which to further expand and innovate.’
Edward Shenderovich, founder and managing director at Kite Ventures adds, ‘Tradeshift is a young company, but has already had notable success with significant uptake amongst small businesses as well as an impressive roster of well-known enterprise customers. The company has created an offering that is clearly very attractive for businesses.’
