Tradeshift Plans Blockchain Push After Generating $250 Million in Funding

Tradeshift, a supply chain management, has announced its intention to further develop into blockchain following a $250 million Series E funding round led by Goldman Sachs and PSP Investments.

A press release reveals that the round which also saw HSBC, H14 and others participate, brings Tradeshift’s total funding to more than $400 million and values the firm at $1.1 billion.

The investment will serve for the growth of initiatives, including strategic investments into emerging technologies like blockchain and artificial intelligence, and even the further expansion in Europe and Asia. The new technologies will be taken forward by its Frontiers division that was launched in January.

The press release does not make explicit Tradeshift’s additional plans for blockchain. The firm launched a B2B payments service called Tradeshift Pay, last week. This platform, which is cloud-based, offers supply chain payments, supply chain finance and blockchain-based early payments, as indicated by the company.

In October last year, the firm joined the Linux foundation-backed Hyperledger blockchain consortium. The firm said that the move was part of the desire to explore open blockchain technologies in order to accelerate innovation in B2B commerce.

Christian Lanng, CEO and Co-founder of Tradeshift, said in the release: “We have always believed that the future of supply chains is 100 percent digital and that connecting trade is just the first step to a digitally connected economy. This investment will enable us to continue our rapid growth and consolidate our leadership position.”