Tradeshift has just announced $7 million in funding from Notion Capital. Tradeshift pitches itself as the social network for businesses. At this first stage, it allows companies to send electronic invoices to each other without costs. Previously, it has secured seed funding from PayPal, who is also a technology partner for the company. Notion Capital is a venture fund created by the team that founded and sold MessageLabs for $700 million. Tradeshift had many other investment partners to choose from, but they chose Notion Capital due to their own experience in growing a company from a startup to a global success story.
In addition to announcing the investment round, Tradeshift has also signed contracts, among others, with the French and Irish governments. It was previously written that Tradeshift’s technology and solutions are widely used in Denmark, where the company is from.
The company is on a roll to say the least. It now spans 180 countries and some 50 000 registered companies. The press release also stated that growth in 2011 is more than 60% per month.
Tradeshift will in the future provide a range of other web based financial services that make organisations more efficient. The company will also launch its Apps Store later this month that will increase the different ways the network can be leveraged.
“Tradeshift is undoubtedly one of the most exciting businesses we’ve come across since setting up Notion in 2009,” says Stephen Chandler, Managing Partner at Notion Capital. “Tradeshift is led by a team who are real subject matter experts in their field, extremely strong both technically and commercially and have a very clear vision of where they want to take the business – it has the potential to become the de facto social business network for B2B communications and processes. Tradeshift is the single most disruptive proposition to this market and is set to play a major part in its transformation.”
Christian Lanng, CEO and co-founder of Tradeshift also commented, “The fact that Notion Capital was the team behind MessageLabs was one of the main reasons we chose to partner with them. Their experience in having done exactly what we want to achieve, makes them invaluable advisors when it comes to ramping up sales and marketing, building up our brand and expanding internationally. We’re focused on building Tradeshift into a global business and feel positive about being able to draw on the experience of a team that have done it before.”
This is a huge win for the company and partnering with Irish and French governments give you a sign of the potential and direction the company is headed into.