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Tradeshift, a platform that enables B2B trading, supply chain procurement, and B2B marketplace services, has raised $70 million in a funding round. The round was led by HSBC, which contributed $35 million, and included participation from AYTK Limited, LUN Partners Group, Fuel Venture Capital, Doha Venture Capital LLC, Notion Capital, IDC Ventures, and The Private Shares Fund. All participants are existing shareholders. The funds will be used to scale Tradeshift’s business network, which already boasts over 1 million users, including major entities like Danone and the UK’s National Health Service.
Tradeshift’s Services and Growth
Founded by former Cisco executive VP Pankaj Patel, Tradeshift provides both wired and wireless networking as a service to large corporate customers. The service is priced on a pay-as-you-go basis, scaling up or down based on usage. The company has seen significant growth, tripling its customer base since September 2022.
Joint Venture with HSBC
In addition to the capital injection, HSBC is embarking on a new joint venture with Tradeshift. The two companies plan to build a financing operation to complement Tradeshift’s business, set to launch in early 2024. This move aligns with HSBC’s recent focus on financing services for technology-based businesses.
The Future of Tradeshift
With the new funding and the joint venture with HSBC, Tradeshift is well-positioned to continue its growth and innovation in the B2B trading market. The company’s innovative approach to enterprise networking and its focus on simplicity and automation position it well to make a significant impact in the industry.
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