Tradeshift, a supply chain management firm, revealed their intention to get more serious with blockchain after a Goldman Sachs and PSP Investments-led $250 million Series E funding round.
According to a press release, the round placed a value of $1.1B on the company. HSBC and H14 also took part in the round raising Tradeshift’s total funding to over $400M.
Company expansion programs will be the main beneficiary of the investment. Important funding will be directed at budding technologies like blockchain and AI with will be handled by its Frontiers division. The firm will also be expanding into Europe and Asia.
Without any clear indications regarding its further plans regarding blockchain, Tradeshift, last week, launched Tradeshift Pay, a cloud-based B2B payments platform which offers supply chain payments, supplier finance, and “blockchain-based early payments”.
Tradeshift hooked up with a linux-driven Hyperledger blockchain league clarifying they wanted to discover more open blockchain technologies so they could speed up improvements in B2B commerce.
Tradeshift CEO and co-founder Christian Lanng said:
“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.”