Tradshift, a social network for businesses, has received $7m (€4.9m) investment from Notion Capital.
Tradeshift provides an online business network to send, receive and manage e-invoices. Launched in 2010 by the creators of the e-invoicing system for the Danish government, the business now operates in over 180 countries with over 50,000 registered businesses. Tradeshift has grown rapidly, reporting more than 60 per cent growth in 2011.
The funding from Notion comes as the company announces major contract wins from the NHS, French government procurement office Adetef, The Co-op and DSV.
Tradeshift's web-based invoicing platform addresses common inefficiencies that businesses may face when managing the invoicing process as the social network can be shared for free between suppliers and customers, enabling both parties to send, receive and manage invoices, purchase notes and credit notes electronically.
“...it has the potential to become the de facto business social 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,” said Stephen Chandler, managing partner at Notion Capital.
Founder and chief executive of Tradeshift, Christian Lanng chose to partner with Notion because of their experience with MessageLabs.
“There are clear parallels between Tradeshift and MessageLabs – both highly innovative B2B internet-based services, both bringing an entirely new approach to addressing a common pain point for businesses, and, at the same time, shaking up a sleepy industry. Their growth curve is mirroring MessageLabs’ during its early stages, and we’re impressed with the momentum Tradeshift already has,” said Chandler.