Russian business-to-business social network announced that it has secured $17 million in funding led by ru-Net and Kite Ventures. The round is also supported by existing investor Notion Capital.
MOSCOW, RUSSIA, Tradeshift, the business-to-business social network, announced today that it has secured $17 million in funding led by ru-Net and Kite Ventures. The round is also supported by existing investor Notion Capital, which increases its stake in the company.
The latest round values Tradeshift at $137M, making this one of the largest investments in a European tech startup this year, while Notion's increased stake reflects its belief in the growing opportunity. Tradeshift will use the investment to accelerate product development, expand the company into North America and further drive large enterprise adoption of the platform.
"But we're not just focused on launching products. With 60,000 companies in nearly 190 countries worldwide already using the platform, we're committed to building the network and helping organizations shift the way they do business."
Based in Moscow, ru-Net and Kite are investors in some of the leading technology and internet companies in Europe. Both represent a new wave of European technology investors that focus on high tech and Internet companies. Edward Shenderovich, Founder and Managing Director at Kite Ventures said: "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."
Whether it is an organization like NHS that processes half a million invoices a year or one of the ten thousand suppliers it deals with, Tradeshift connects businesses of all sizes to help them work collaboratively and better manage tasks such as invoicing and cash flow, powered by the latest social technologies.
The investment will enable Tradeshift to expand operations into new territories early next year and focus on developing the platform's functionality with an expanding range of complementary products. The most recent of these is Instant Payments, a service that gives Tradeshift users instant and early access to invoiced funds without having to wait for standard payment terms.
"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," said Christian Lanng, CEO and co-Founder at Tradeshift. "But we're not just focused on launching products. With 60,000 companies in nearly 190 countries worldwide already using the platform, we're committed to building the network and helping organizations shift the way they do business."
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