Tradeshift Revenue, Valuation, Funding & Investors
Tradeshift is valued at $2B as of December 2021. Tradeshift revenue was $100M, as disclosed with its January 2020 round.
Last Tradeshift valuation
$2B
Undisclosed stage · Dec 2021
Last Tradeshift funding round
$70M
Undisclosed stage · Jul 2023
Tradeshift revenue
$100M
Series F · Jan 2020
Key investors in Tradeshift
HSBC
IDC Ventures
Notion Capital
Mouro Capital
Fuel Venture Capital
LUN Partners Group
About Tradeshift
Tradeshift is a San Francisco-headquartered e-invoicing and supply chain platform founded in Copenhagen in 2008. It connects buyers including DHL, Airbus, and Unilever with suppliers in over 50 countries for procure-to-pay automation. Services cover digital invoicing, early payments, risk mitigation, and financing through APIs integrated with ERP systems like SAP and Oracle. The network eliminates paper processes for global transactions in manufacturing and logistics sectors.
Founded
2009
HQ
San Francisco, CAWebsite
Status
Privately held
Customer focus
B2B
Revenue model
Subscription
Revenue
$100M (Jan 2020)
Valuation
$2B (Dec 2021)
Tradeshift Valuation
Tradeshift is currently valued at $2B, based on its undisclosed-stage round in December 2021.
The $200M round included The Private Shares Fund, LUN Partners Group, Koch, IDC Ventures and Fuel Venture Capital.
Tradeshift's valuation has grown 4.0x from $500M at its Series D in June 2016 to $2B in December 2021, across 5 priced rounds.
Tradeshift valuation by funding round
Revenue multiple| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Dec 2021 | Undisclosed stage | $2B | - |
| Mar 2021 | Undisclosed stage | $2.7B | - |
| Jan 2020 | Series F | $1.1B | 11.0x |
| May 2018 | Series E | $1.1B | - |
| Jun 2016 | Series D | $500M | 10.0x |
Tradeshift Revenue
Tradeshift's latest recorded revenue is $100M, as of its Series F in January 2020. At a $1.1B valuation, that implies a 11.0x revenue multiple.
Revenue grew from $50M in June 2016 to $100M in January 2020, while the revenue multiple moved from 10.0x to 11.0x.
Tradeshift revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Jan 2020 | $100M | $1.1B | 11.0x | Series F |
| Jun 2016 | $50M | $500M | 10.0x | Series D |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
Tradeshift Funding History
Tradeshift has raised a total of $1.1B across 7 funding rounds.
Tradeshift's first fundraising round was a $70M Series C in February 2014. The most recent completed round was a $70M undisclosed-stage round in July 2023.
Tradeshift funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Jul 2023 | Undisclosed stage | HSBC (lead); The Private Shares Fund; LUN Partners Group; AYTK; Notion Capital; Goldman Sachs Growth Equity; Doha Venture Capital; IDC Ventures; Fuel Venture Capital | $70M | - | Tradeshift is a platform for digital business transactions, including e-invoicing, procurement, and B2B marketplaces, enabling buyers and suppliers to manage trade networks. The company raised $70 million in a Series H round on August 1, 2023, with investors including HSBC (lead), AYTK Limited, Doha Venture Capital, Fuel Venture Capital, IDC Ventures, LUN Partners Capital, Notion Capital, and The Private Shares Fund. This brought total funding to over $1.173 billion across 19 rounds. A prior March 2021 valuation was $2.7 billion and a Series F in January 2020 was at $2.7 billion. Earlier rounds included a $240 million Series F in 2020 at $2.7 billion valuation to prepare for IPO and expansion. Tradeshift's 2022 revenue was $144.6 million. The funding aims to scale the global trade network, enhance product development, and support a joint venture with HSBC for digital solutions like marketplace commerce and embedded finance, planned for early 2024. The platform uses AI via its ADA layer for invoice matching, customer support, and guided buying. In Q2 2023, Tradeshift's platform showed modest global trade growth, with total transaction volumes up slightly but 4 points below expected range; US volumes grew 3%, while invoice volumes declined, pressuring supplier liquidity. The company positions itself as a 'Shopify for B2B,' building a network of marketplaces for procurement across sectors like automotive. |
| Dec 2021 | Undisclosed stage | The Private Shares Fund; LUN Partners Group; Koch; IDC Ventures; Fuel Venture Capital | $200M | $2B | Tradeshift is a San Francisco-based supply chain finance platform offering B2B e-invoicing, accounts payable automation, e-procurement marketplace (Tradeshift Buy), automated payments (Tradeshift Pay), supplier analytics (Tradeshift Engage), early payment options (Tradeshift Cash), and virtual credit cards (Tradeshift Go). The company raised over $200 million in combined equity and debt in December 2021 from investors including Koch Industries, IDC Ventures, LUN Partners, Private Shares Fund, and Fuel Venture Capital, bringing total equity funding past $1 billion. This round reportedly valued Tradeshift at $2 billion according to Reuters, up from $1.1 billion in 2018, with funds aimed at refinancing the balance sheet and supporting long-term growth amid embedded finance trends. Tradeshift's platform connects over 1.5 million companies across 190+ countries, having processed more than $1 trillion in cumulative transaction value since 2010, doubling in the prior two years. Tradeshift Go virtual cards were on track for $2.5 billion in charge volume in 2021, a 6x increase from 2020, positioning it among the largest fintech card programs. Recent launches included cross-border e-invoicing for China and partnerships with Danish Export Credit Agency, Raindew Trade, and Gulf Warehousing Company. The investment highlights Tradeshift's role in digitizing B2B workflows and supply chain financing, with investors like Fuel Venture Capital citing its SaaS and embedded financial services as poised for digital transformation leadership. Prior rounds included $250 million in 2018 at $1.1 billion valuation and $240 million in early 2020. Some sources list later extensions like Series 2E in 2023 with matching investors at $2.31 billion valuation, but core 2021 round matches query investors and $200 million raise. |
| Mar 2021 | Undisclosed stage | WestRiver Group (lead) | $200M | $2.7B | Tradeshift is a supply chain finance and payments platform that enables digital transactions and working capital solutions for businesses globally. The company provides invoice processing, accounts payable automation, trade financing, and embedded fintech services across its B2B marketplace, serving over 1.5 million businesses including Fortune 1000 companies such as Unilever, Siemens, DHL, and Volvo. In March 2021, Tradeshift raised $200 million through a convertible note led by WestRiver Group to support ongoing operations and growth initiatives. The company had previously raised $250 million in its Series E round in May 2018 at a $1.1 billion valuation, and later raised $240 million in January 2020 at a $2.7 billion valuation. By December 2021, Tradeshift's valuation had grown to over $2 billion. The platform had achieved significant traction with cumulative transaction volume exceeding $1 trillion by late 2021, and projected charge volumes on Tradeshift Go to exceed $2.5 billion in 2021, representing 600% year-on-year growth. The company's capital was directed toward scaling its global presence in Europe and Asia, growing transacted volume, and investing in emerging technologies including blockchain and artificial intelligence through its Frontiers division. |
| Jan 2020 | Series F | - | $240M | $1.1B | Tradeshift is a supply chain payments and marketplaces platform connecting over 1.5 million businesses globally, including enterprises like Air France-KLM, DHL, Fujitsu, HSBC, Siemens, Societe Generale, Unilever, and Volvo. It offers solutions such as Tradeshift Pay, ranked as the top ePayables SaaS by Ardent Partners in 2019, and Tradeshift Go, with over 200 new customers added that year. The platform supports supply chain finance in 100+ countries and invests in technologies like blockchain and AI through its Frontiers division. Around January 14, 2020, Tradeshift closed a $240 million funding round combining equity and debt, aimed at accelerating growth, restructuring, and achieving near-term profitability and cash-flow positivity in 2020. This followed strong 2019 performance with over 60% revenue growth to well north of $100 million, more than 300 enterprise deals (with doubled average deal size), and over 40% of cumulative transaction volume in the prior 12 months. Investors included prior backers like Gray Swan (founded by Tradeshift's founders) and one major new investor. The company had previously raised $250 million in a May 2018 Series E round led by Goldman Sachs and PSP Investments, with participation from HSBC, H14, GP Bullhound, and Gray Swan, bringing total funding over $400 million at that time and valuing the company at $1.1 billion. Earlier rounds included $75 million Series C in 2014 and $75 million Series D in 2016. By 2020, Tradeshift employed 1,200 people globally and projected crossing $1 trillion in GMV by 2022, with half a trillion already achieved. |
| May 2018 | Series E | Goldman Sachs (lead); PSP Investments (lead); HSBC; Gray Swan Software; Fin Capital; H14; Mouro Capital; GP Bullhound; IDC Ventures | $250M | $1.1B | Tradeshift is a supply chain payments and marketplaces platform that enables buyers and suppliers to digitize trade transactions, collaborate via a web app, and manage spend, receivables, lending, payments, and private marketplaces. It supports trade finance alternatives and has integrated blockchain and AI through its Frontiers division launched in January 2018. The company works with over 1.5 million businesses in 190 countries and was recognized in a November 2017 Forrester report for influencing B2B network vendors' strategies. It recently launched Tradeshift Pay for supply chain payments, financing, and blockchain-based early payments, and partnered with Canon Business Process Services. On May 29, 2018, Tradeshift raised $250 million in a Series E funding round led by Goldman Sachs and PSP Investments, with participation from HSBC, H14, GP Bullhound, and Gray Swan (a new VC by Tradeshift founders), plus existing investors like American Express Ventures, CreditEase Fintech Investment Fund, Notion Capital, and Santander InnoVentures. This brought total funding to over $400 million and valued the company at over $1.1 billion post-money. Funds will support global expansion in Europe and Asia, growth in transacted volume and value on the platform, and investments in emerging technologies like blockchain and AI. Tradeshift's CEO Christian Lanng emphasized digitizing supply chains for a connected economy. Goldman Sachs highlighted Tradeshift's leadership in B2B online transactions and supply chain control. As part of the deal, co-founder Mikkel Hippe Brun joined the board. |
| Jun 2016 | Series D | DCVC (lead); HSBC; Amex Ventures; CreditEase; Notion Capital; Mouro Capital; CE Innovation Capital; Pavillion Capital | $75M | $500M | Tradeshift is a San Francisco-based platform founded in 2010 in Copenhagen that simplifies expensing systems with external contract partners, offering solutions like Tradeshift Buy for procurement, Tradeshift Pay for accounts payable automation, and Tradeshift Risk for lifecycle management. It operates as an open business network connecting buyers and suppliers to manage processes including invoicing, trade financing, spend and receivables management, lending, and payments across 190 countries. The company serves over 800,000 users from its customer base, including dozens of Fortune 500 clients such as Zurich Insurance Group, LinkedIn, SUEZ, the Danish government, and UK national health service. In June 2016, Tradeshift raised $75 million in a Series D round led by DCVC, with participation from new investors Amex Ventures, CreditEase, HSBC, Mouro Capital (as Pavilion Capital), and existing investor Notion Capital, bringing total funding over $200 million. The deal valued the company at over $500 million according to the Wall Street Journal, as reported by TechCrunch and Finovate, though one source estimated close to $600 million. Proceeds were earmarked to expand into new verticals, grow sales, product, and engineering teams, and increase global customer adoption, particularly in Asia following a prior Series C. At the time, Tradeshift reported 250% year-on-year transaction volume growth from 2014 to 2015 (or 2.5X in transacted value per Finovate), processing billions of dollars monthly in supply-chain transactions, with 4X growth in supplier accounts and added Fortune 1000 clients. It projected $50 million in annual company revenue for 2016, as told to the Journal. DCVC's Matt Ocko joined the board post-investment. Competitively, Tradeshift positions itself for digital transformation in supply chain and B2B payments, targeting both large enterprises and SMBs. Later rounds included a Series F in 2020 at $2.7 billion valuation, but the 2016 Series D supported platform extensibility via third-party apps and global scaling. |
| Feb 2014 | Series C | Scentan Ventures (lead); 10x Group | $70M | - | Tradeshift is a Denmark-originated, San Francisco-based enterprise invoicing and business collaboration platform that enables businesses to send invoices, receive payments, and verify transactions via a network similar to social platforms, offering discounts for faster payments. Revenues come from client fees and third-party developer charges. Launched in 2010, by February 2014 it connected 500,000 companies across 190 countries, adding over 10,000 monthly, with clients like DHL, NHS, French government, CBRE, and Vestas; Intuit used it for customer data analysis, with offices in Copenhagen and Suzhou, China. On February 25, 2014, Tradeshift raised $75 million in a Series C growth funding round from Singapore-based Scentan Ventures, bringing total funding to $112 million. Scentan received exclusive product development, sales, marketing, and service rights in Japan, with Tradeshift planning a Tokyo office and global expansion in US, Europe, and Asia. Prior rounds included $7 million from Notion Capital in May 2011, $17 million at a reported $137 million valuation in October 2011 from Notion Capital, Ru-Net, and Kite Ventures, and $10 million from Intuit in January 2013. The funding supported strategic partnership with Scentan for Japanese market entry, leveraging Japan's economy and innovation appetite. CEO Christian Lanng aimed for an IPO in about three years. Tradeshift competed in a buoyant market, with SAP's $4.3 billion Ariba acquisition in 2012; rivals included Taulia (recently raised $18 million), Ariba, Basware, Coupa, OB10, and Senddr. |
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Who has invested in Tradeshift?
25 investors have backed Tradeshift across its funding rounds, including HSBC, IDC Ventures, Notion Capital, Mouro Capital, Fuel Venture Capital and LUN Partners Group.
Lead investors include HSBC, WestRiver Group, Goldman Sachs, PSP Investments, DCVC and 1 other investor.
Tradeshift Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
 London | 3 | Lead | Jun 2016 | |
 Copenhagen | 3 | Participant | May 2018 | |
| New York City, NY | 2 | Participant | Dec 2021 | |
 Hong Kong | 2 | Participant | Dec 2021 | |
| London | 2 | Participant | Jun 2016 | |
| London | 2 | Participant | Jun 2016 | |
| Miami, FL | 2 | Participant | Dec 2021 | |
| United States | 1 | Lead | Mar 2021 | |
 Munich | 1 | Participant | Feb 2014 | |
| Kansas City, MO | 1 | Participant | May 2018 | |
 Ottawa | 1 | Lead | May 2018 | |
| New York City, NY | 1 | Participant | Jun 2016 | |
 China | 1 | Participant | Jun 2016 | |
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Start Free TrialAcquisitions by Tradeshift
Tradeshift has acquired 4 companies to date.
Last acquisition by Tradeshift was on December 18th 2018. Tradeshift acquired Babelway for undisclosed valuation.
Latest Acquisitions by Tradeshift
| Description | Babelway is a Brussels-based SaaS provider of B2B document exchange and process automation. Supporting EDIFACT, X12, XML, CSV formats and protocols like AS2, FTP, and SOAP, it connects ERP systems such as SAP with trading partners. The platform hosts a catalog of prebuilt maps for industries including automotive and logistics, enabling real-time tracking and error alerts for thousands of daily transactions. | IBX Business Network is a cloud-based B2B integration platform under the Capgemini Group. It facilitates electronic invoicing, supply chain collaboration, and digital document exchange for enterprises across industries. Paris-headquartered Capgemini delivers these services through IBX to connect over 100,000 companies in Europe and beyond. The platform supports standards like PEPPOL and connects to more than 70 networks worldwide, enabling seamless data flows between trading partners. Acquired by Capgemini in 2015, IBX enhances procurement, logistics, and finance processes with secure, scalable connectivity solutions. | Hyper Travel is a mobile app delivering AI-powered personal concierge services for trip planning and management worldwide. Users chat with dedicated agents for flight searches on Kayak integrations, hotel bookings, itinerary adjustments, and on-site support like restaurant reservations. Available on iOS and Android, it handles corporate and leisure travel for clients in the U.S., Europe, and Asia, emphasizing speed with responses under five minutes. | Merchantry is a cloud infrastructure provider enabling retailers and media companies to build online marketplaces. Its technology and merchant network facilitate eCommerce growth through multi-vendor platforms. |
| HQ Country |  |  | | |
| HQ City | Brussels | Stockholm | San Francisco, CA | New York City, NY |
| Deal Date | 18 Dec 2018 | 8 Mar 2017 | 23 Jun 2016 | 11 Aug 2015 |
| Valuation | undisclosed | undisclosed | undisclosed | $30M |
| EV/Revenue | ||||
| EV/EBITDA | ||||
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Tradeshift Competitors
Tradeshift competitors include listed companies like GigaCloud Technology and Xiamen Xiangyu Co, and private ones like XINGYUN GROUP, Jusda, Zetwerk and Olist.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Shenzhen | Private | - | - | $2B | - | |
| Shenzhen | Private | - | - | $2.5B | - | |
 Bangalore | Private | $102M | $20M | $3.1B | - | |
 Curitiba | Private | - | - | $1.5B | - | |
| United States | Publicly listed | $1.3B | $158M | $1.9B | 1.4x | |
| China | Publicly listed | $61B | $523M | $2.6B | 0.1x |
Tradeshift Public Comps
Tradeshift is still privately-owned, but its public comps include Lime, TX Group, HBX Group, TBO.com, GigaCloud Technology, Visional, ACV Auctions, Stubhub, GO and eFinance.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $887M | $87M | 2.2x | - | 22.8x | - | |||
| $1.1B | $309M | 2.1x | 2.1x | 7.1x | 8.0x | |||
| $894M | $217M | 3.0x | 3.3x | 12.3x | 5.7x | |||
| $262M | $41M | 7.0x | 5.4x | 45.0x | 35.7x | |||
| $1.3B | $158M | 1.6x | 1.4x | 12.8x | 10.6x | |||
| $512M | $156M | 3.3x | 2.5x | 10.7x | 9.2x | |||
| $760M | ($19M) | 2.3x | 2.1x | (89.6x) | 24.8x | |||
| $1.7B | ($1.4B) | 1.4x | 1.2x | (1.7x) | 6.7x | |||
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Common questions about Tradeshift
| When was Tradeshift founded? | Tradeshift was founded in 2009. |
| Where is Tradeshift headquartered? | Tradeshift is headquartered in San Francisco, CA, United States. |
| Is Tradeshift publicly listed? | No, Tradeshift is a private, VC-backed company. |
| What is Tradeshift's valuation? | Tradeshift was last valued at $2B in its undisclosed-stage round in December 2021. |
| How much funding has Tradeshift raised? | Tradeshift has raised $1.1B across 7 funding rounds. |
| What was Tradeshift's last funding round? | Tradeshift's last funding round was a $70M undisclosed-stage round in July 2023, led by HSBC. |
| Who are Tradeshift's investors? | Tradeshift's investors include HSBC, IDC Ventures, The Private Shares Fund, LUN Partners Group, Notion Capital, Mouro Capital, Fuel Venture Capital, WestRiver Group, 10x Group, Gray Swan Software and 15 others. |
| What is Tradeshift's revenue? | Tradeshift's latest recorded revenue is $100M (January 2020). |
| What is Tradeshift's revenue multiple? | Tradeshift's latest valuation implies a 11.0x revenue multiple ($1.1B valuation on $100M of revenue). |
| Which companies are comparable to Tradeshift? | Companies comparable to Tradeshift include XINGYUN GROUP, Jusda, Zetwerk, Olist, GigaCloud Technology and Xiamen Xiangyu Co. |
| How many companies has Tradeshift acquired? | Tradeshift has acquired 4 companies, including Babelway, IBX Business Network, Hyper Travel and Merchantry. |
| What was the largest acquisition by Tradeshift? | The $30M acquisition of Merchantry in August 2015 is the largest acquisition Tradeshift has made to date. |
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