Tradeshift, the San Francisco-based startup that is trying to change the way companies work with outsourced clients, has announced a $75 million Series D round today.
The company, which was founded in Copenhagen in 2010, has now raised over $200 million from investors like PayPal, Intuit and Singapore’s Scentan Ventures. This latest round was led by Data Collective (DCVC), with participation from fellow new investors HSBC, American Express Ventures, CreditEase and Pavilion Capital. Existing backer Notion Capital also took part. The deal values the company at over $500 million, according to the Wall Street Journal.
Tradeshift runs a platform that helps companies simplify and improve their expensing systems with external contract partners. It previously raised a $75 million Series C in February 2014 to expand its reach into Asia, and this latest injection of cash will be used to finance a push into new verticals, such as trade financing, spend and receivables management, lending and payments, and grow in other global geographies.
In terms of business metrics, Tradeshift said it now serves more than 800,000 users — that means the total number of employees from its customer base, not actual companies — and it claims to have “dozens” of Fortune 500 clients. Other notable clients include the Danish government and UK national health service. The company also revealed that the volume of transactions made on its platform grew 250 percent year-on-year between 2014 and 2015. It didn’t provide a raw figure but it did tell the Journal that it is on course for $50 million in annual (company) revenue this year.