Tradeshift raises $75 million – lend us a few million, Christian…

Yesterday, Tradeshift announced it had raised $75 million in a series C funding round led by Singapore’s Scentan Ventures. Their managing director, Noriaki Okubo, is joining Tradeshift’s board of directors along with the funding. The deal also includes exclusive rights for Scentan Ventures to leverage Tradeshift for “product development, sales, marketing and service rights to the Tradeshift platform” in the Japanese market.

My colleague, Jason Busch at Spend Matters US has the inside story.

"In addition, Spend Matters has learned that Scentan Ventures is putting significant resources behind building custom apps for the Japanese market to extend the platform and native capabilities of Tradeshift (and the exiting app ecosystem). The funding round comes in addition to $37 million that Tradeshift has already raised from previous investors, bringing the total capital that it has received to $112 million.

$112 million! Not bad...

Jason also spoke to Tradeshift’s top man Christian Lanng yesterday via Skype,who said “we’re moving very fast on the metrics that matter and the funding round is validation of an already high previous multiple,” which Spend Matters estimated is well over 20x revenue. In addition, the round “provides validation of the ecosystem, as the investors are also investing additional capital because they want to build apps on the Tradeshift platform.”

The Financial Times reckons that this deal values Tradeshift at around $300 million. They also report that revenues have risen four-fold in the last year and that China and Japan account for 7% of revenues - but Lanng expects this to grow to 20% in the next twelve months.

There's more on the Spend Matters US site here, including lots of links to other material from Spend Matters, covering this whole booming area of supplier networks and platforms, e-invoicing and related capabilities. And whilst firms such as Tungsten (OB10), Crossflow Payments, Taulia, Basware and others may worry at times about Tradeshift as a competitor, they must also look at the valuation implied by this fund raising and feel somewhat better!

 

 

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