Scentan invests $75m in SaaS start-up Tradeshift

The London and San Francisco-headquartered business - which has raised more than $110 million to date - provides a software-as-a-service (SaaS) platform which allows businesses to manage processes such as invoicing, payments and workflow.

According to a release, the new funding will see Tradeshift expand in Asia and set up a new office in Tokyo. It already has offices in Copenhagen, London and Suzhou in China.

Launched in 2010 by Danish entrepreneur Christian Lanng, Tradeshift claims to remove some of the complexity typically associated with existing accounting and enterprise resource planning software while still offering similar levels of integration. One of the platform's key features is dynamic discounting: allowing buyers to receive large discounts if they pay their supplier quickly - the faster the payment, the bigger the discount.

Tradshift raised its first institutional round in 2011, receiving $7 million from UK VC firm Notion Capital, and then quickly raised another $17 million from Russian VC backers ru-Net and Kite Ventures. It then raised another $10 million from US software firm Intuit in 2013 and another undisclosed round from PayPal the same year.

Around 500,000 businesses and organizations are already said to be subscribed to the service, among them are DHL, the French government and Vestas Wind Systems.

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• Topics
• Venture
• Southeast Asia
• Technology
• Venture
• Southeast Asia
• Technology