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Tradeshift — the startup which set out to disrupt the traditional arena of supply chain payments and marketplaces when it first appeared in 2008 – has today announced a new funding round of $240 million in equity and debt, raised from a combination of existing and new investors.
The funding will be used to help accelerate its growth and, it says, set the company “on a direct path to profitability in the near future.”
Line - Funding - Context - Window - Opportunity
That last line is telling, as the new funding comes in the context of what was widely held to be a window of opportunity for Tradeshift to head towards an IPO.
What this new funding means it that Tradeshift is effectively delaying its IPO to get its ‘house in order’ in the context of a new economic environment which has become skeptical towards tech IPOs in the wake of the WeWork debacle, which saw public investors cool towards new tech company listings.
Company - Instance - Motto - Form - Shift
Although the company isn’t saying this, perhaps in this instance, it’s motto should be temporarily changed form “shift happens” to the more apt “**** happens”.
Still, at least Tradeshift is coming from a position of relative strength. In a statement, the company said it has reported more than two years of strong growth in quarterly revenue, recorded its best-ever year in 2019, including more than 60% revenue growth, with more than 250 deals closed (the average deal size was doubled). Furthermore, more than 40% of the total cumulative transaction volume across its platform came in the past year, it says.
Tradeshift - Capital - Core - Product - Lines
Tradeshift said the additional capital will be used to further momentum it’s seen across core product lines including Tradeshift Pay, which was ranked in 2019 as the strongest ePayables SaaS solution in the industry by analyst firm Ardent Partners, and Tradeshift Go, with over 200 new...
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