Tradeshift, an online invoicing and payments company, has secured $75m (£45m) in funding from Singapore’s Scentan Ventures less than four years after it was launched, as it looks to expand further into Asia and open an office in Tokyo.
This is the company’s third round of funding, bringing total investment to $112m. It was tightlipped about the size of Scentan’s stake and whether the founders still own the majority, but has previously raised money from investors including Notion Capital, Ru-net, Kite Ventures, Intuit and PayPal.
After setting up in Copenhagen in 2009 and crowdsourcing developers who were willing to work for free in return for shares, Tradeshift went live in May 2010. It now has 500,000 customers in 190 countries, with 10,000 more joining each month, according to a company statement.
‘Scentan Ventures has a clear understanding of our vision,’ said Tradeshift chief exec and co-founder Christian Lanng. ‘Couple this with Japan's appetite for change and innovation, and their ranking as the world's third largest economy, and the decision was made easy.’ Tradeshift is clearly confident about the Japanese Prime Minister Shinzo Abe’s ‘arrows’ continuing to jab the economy forward then.
Scentan’s managing director Noriaki Okubo is joining the board of the tech start-up, which offers its online invoicing service for free but charges third parties to add apps to the system and large companies who want extra bells and whistles.
Although the company is now headquartered in San Francisco, with additional offices in London and China, seems there’s more to Denmark than Borgen and foraged food…